H&W: IRS Releases 2014 HSA Contribution Limits

IRS Releases 2014 HSA Contribution Limits: The IRS has released Revenue Procedure 2013-25, which provides the 2014 cost-of-living contribution and coverage adjustments for HSAs. The new limits for calendar year 2014 are as follows:

HSA Annual Contribution Limitation

Self-Only Coverage: $3,300 – up from $3,250 in 2013

Family Coverage: $6,550 – up from $6,450 in 2013

Catch-up Contribution: $1,000 – unchanged from 2013

HSA contributions can only be made by individuals enrolled in a high deductible health plan.

For calendar year 2014, a high deductible health plan is defined as a health plan with:

Minimum Annual Deductible

Self Only Coverage: $1,250 – unchanged from 2013

Family Coverage: $2,500 – unchanged from 2013

Maximum Annual Out-of-Pocket Expenses

Self-Only Coverage: $6,350 – up from $6,250 in 2013

Family Coverage: $12,700 – up from $12,500 in 2013