HSA Updates for 2014

HSA Updates for 2014

The following data was recently released by the IRS under Revenue Procedure 2013-25 for Health Savings Accounts (HSAs) in 2014:


HSA contribution limits

$3,300 for individual coverage (increased $50 from 2013)

$6,550 for family coverage (increased $100 from 2013)

 

HSA catch-up contributions (age 55 or older)

$1,000 (no change from 2013)

 

Minimum deductible requirements for HSA eligibility:

$1,250 for self-only coverage (no change from 2013)

$2,500 for family coverage (no change from 2013)

 

Maximum out-of-pocket limitations for HSA eligibility:

$6,350 for individual coverage (increased $100 from 2013)

$12,700 for family coverage (increased $200 from 2013)

 

WestLake Financial Group, Inc.

1477 Barclay Blvd

Buffalo Grove, IL  60089

888-WESTLAKE