The 2014 limits for HSAs have been released by the IRS in Revenue Procedure 2013-25. The HSA contribution limits and high deductible health plan out-of-pocket maximums are up slightly over 2013. The HDHP minimum required deductibles have stayed the same.
Minimum Annual Deductibles
For 2014, the minimum annual deductible for a plan to be considered a “high deductible health plan”, or “HDHP” is still $1,250 for single coverage and $2,500 for family coverage (no change from 2013 levels).
The maximum out-of-pocket maximums for HDHPs for 2014 will increase to $6,350 for single coverage and $12,700 for family coverage (2013 levels are $6,250 single/ $12,500 family).
Annual Individual Contribution Limit
The maximum permitted contribution to the HSA on behalf of an individual increases slightly to $3,300 for an individual with single coverage and $6,550 for an individual with family coverage (2013 levels are $3,250 single/ $6,450 family).
For those age 55 or older, the catch-up contributions will continue to be $1,000. In cases where the HDHP renewal date is after the beginning of the calendar year, any required changes to the annual deductible or out-of-pocket maximum may be implemented as of the next renewal date.
This article is designed to highlight various employee benefit matters of general interest to our readers. It is not intended to interpret laws or regulations, or to address specific client situations. You should not act or rely on any information contained herein without seeking the advice of an attorney or tax professional.