The annual health savings accounts (HSA) contribution limit will increase $50 to $3,300 in calendar year 2014 for an eligible individual with self-only coverage, the IRS recently announced. The contribution limit for family coverage will increase $100 to $6,550.
For calendar year 2014, a high deductible health plan (HDHP) is defined as having:
- An annual deductible of at least $1,250 for self-only coverage or $2,500 for family coverage (the same as 2013); and
- Annual out-of-pocket expenses (e.g., deductibles, co-payments, and other amounts, but not premiums) up to $6,350 for self-only coverage or $12,700 for family coverage (compared to $6,250 and $12,500 in 2013).
This new HSA contribution limits are effective for calendar year 2014. The IRS notice is available online.
Important Tax Dates for Employers