The requirements associated with HSA programs can include a host of items from yearly account contribution maximums, higher contributions for certain individuals over age 55, deductible minimums, and out-of-pocket maximums.
These rules are announced each year by the IRS because they are subject to inflation adjustments. There was some confusion with these numbers in 2014 as early projections provided different numbers. In fact, some early Marketplace filings for Qualifed Health Plans needed to amend their filing for these new rules. The 2014 HSA limits are:
- Maximum contribution for employee-only coverage is $3,300 ($3,250 for 2013). For family coverage it is $6,550 ($6,450 for 2013).
- HSA-eligible individuals age 55 or older at the end of year can make an additional annual contribution of $1,000, unchanged from the previous year.
- For a high-deductible health care plan, the minimum deductibles remain the same at $1,250 for single coverage and $2,500 for family coverage.
- The maximum out-of-pocket expenses increased to $6,350 for single coverage ($6,250 in 2013) and $12,700 for family coverage ($12,500 in 2013).
If you need help understanding these rules or other HSA requirements, please contact Kinney and Larson