If you are participating in an HSA, recently announce limits for 2014 will help
you get a jump on planning for next year.

The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2014. The new limits are outlined here with current year amounts noted for comparison purposes.

What is an HSA?

An HSA is a tax advantaged savings account where part of your wages can be contributed on a pre-tax basis. There is no tax on the funds contributed or the interest or investment earnings as long as the funds are used to pay for qualified medical, dental and vision expenses. To qualify for this tax-advantaged account you must be enrolled in a “high deductible” health insurance program as defined by HSA rules.

The limits

Health Savings Account (HSA) Limits 2013 NEW! 2014 Change
Maximum Annual Contribution
Self $3,250 $3,300 +$50
Family $6,450 $6,550 +$100
Add: 55+ catch up contribution $1,000 $1,000 online casino bonus
Health Insurance Requirements
Minimum Deductible Self coverage $1,250 $1,250 nc
Family coverage 2,500 2,500 nc
Out-of-pocket Maximum Self coverage $6,250 $6,350 +$100
Family coverage 12,500 12,700 +$200

Note: To qualify for an HSA you must have a qualified High Deductible Health Plan (HDHP). To qualify, a plan must meet minimum deductible requirements that are typically higher than traditional health insurance. In addition, your coverage must have reasonable out-of-pocket payment limits as set by the above noted maximums.

Not sure what an HSA is all about? Check with your employer. If they offer this option in their health care benefits, they will have information discussing the program and its potential benefits.

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