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IRS Announces 2014 Inflation-Adjusted Amounts for Health Savings Accounts (HSAs)

The health savings account (HSA) is an increasingly popular employee benefit that is coupled with a “high deductible health plan”.  The number of individuals covered by an HSA eligible high-deductible health plan has more than doubled since 2008.

Revenue Procedure 2013-25 outlines the 2014 inflation adjusted amounts for HSAs as follows:

  • 2014 Annual contribution limitations
    • Individual with self-only coverage - $3,300
    • Individual with family coverage - $6,550

For 2014, a health plan will be considered a “high deductible plan” for HSA purposes if it meets the following criteria:

  • Annual deductible for self-only coverage of $1,250 or more with an out-of-pocket maximum that doesn’t exceed $6,350.
  • Annual deductible for family coverage of $2,500 or more with an out-of-pocket maximum that doesn’t exceed $12,700.