| The Internal Revenue Service (IRS) has issued changes to spending limits for health savings accounts (HSA).
2014 HSA deductible and contribution limits
The IRS has set up Revenue Procedure 2012-26, which determines the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for HSAs for 2014. The limits are as follows:
- Annual Contribution Limits. Annual contributions to an HSA may not exceed $3,300 for individual coverage (self only) and $6,550 for family coverage. The annual “catch-up” contribution amount for individuals age 55 or older remains at $1,000.
- Annual Minimum Deductibles. The high deductible health plan (HDHP) offered with an HSA must have a minimum deductible of $1,250 for individual coverage (self only) and $2,500 for family coverage.
- Annual Maximum Out-of-Pocket Limits. Out-of-pocket expenses under the HDHP cannot exceed $6,350 for individual coverage (self only) and $12,700 for family coverage.
The chart below shows compared the 2013 and 2014 HSA limits.
|
|
2013
|
2014
|
|
Individual coverage
|
Family coverage
|
Individual coverage
|
Family coverage
|
| Annual HSA contribution limitation |
$3,250
|
$6,450
|
$3,300
|
$6,550
|
| Annual HDHP minimum deductibles amounts |
$1,250
|
$2,500
|
$1,250
|
$2,500
|
| Annual HDHP maximum out-of-pocket amounts* |
$6,250
|
$12,500
|
$6,350
|
$12,700
|
| HSA catch-up contributions |
$1,000
|
$1,000
|
*Deductibles, copayments, and other amounts, but not premiums.
If you have any questions, please contact your AmeriHealth New Jersey account executive.
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