2014 Health Care Savings Account (HSA) inflation adjusted amounts announced

HSA Limits

The IRS just released information regarding the 2014 inflation adjusted amounts for Health Care Savings Accounts (HSAs).  For 2014 the annual limit for individuals is $3,300 and for families is $6,550.  To be eligible to contribute to an HSA you must have a high deductible health insurance plan.

High Deductible Health Insurance Plans

For a plan to be considered “high deductible” the deductible must be at least $1,250 for individuals and $2,500 for families, and max out of pocket expenses cannot exceed $6,350 for individuals or $12,700 for family coverage.

To read the full IRS Revenue Procedure 2013-25 click here.

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