Health Savings Account – HSA 2014 Rules & Requirements

The IRS recently announced the health savings account rules and requirements for 2014. The HSA contribution limits and out-of-pocket maximums have been increased.

 

2014 HSA Contribution Limits

For calendar year 2014, the annual HSA contribution limits are:

  • Individuals (self-only coverage) – $3,300 (up $50 from 2013)
  • Family coverage – $6,550 (up $100 from 2013)

HDHP minimum required deductibles

The High Deductible Health Plan (HDHP) required deductibles for an HSA did not change from 2013 to 2014:

  • $1,250 for self-only coverage
  • $2,500 for family coverage

Out-of-pocket maximum

The annual out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums. The 2014 out-of-pocket maximums are:

  • $6,350 for self-only coverage (up $100 from 2013)
  • $12,700 for family coverage (up $200 from 2013)

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20 percent of the HSA distribution.

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