Health Savings Account Rules

 

In May 2013, the IRS announced the health savings account rules and contribution limits for 2014. Both the HSA contribution limits and out-of-pocket maximums have been increased.  

 


2014 HSA Contribution Limits

For 2014 (ending 4/15/2015), the annual HSA contribution limits are:

  • Individuals (self-only coverage) - $3,300 (up $50 from 2013)

  • Family coverage - $6,550 (up $100 from 2013)

 

The HSA Catch Up Provisions for plan owners age 55 and over remains unchanged at $1000.  This means that if the owner has an individual plan they can contribute a maximum of $4300 or $7550 if they are the owner of a family plan.

 


HDHP minimum required deductibles

The High Deductible Health Plan (HDHP) required deductibles for an HSA are unchanged in 2014:

  • $1,250 for self-only coverage

  • $2,500 for family coverage

 

 


Out-of-pocket maximum

The annual out-of-pocket expenses for 2014 are:

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

  • $12,700 for family coverage (up $200 from 2013)

The early withdrawal and unqualified use penalty remains at 20%, as it has been since 2011.