The Internal Revenue Service recently announced the inflation adjustment amounts for Health Savings Accounts (commonly referred to as HSAs) for 2014. For calendar year 2014, the annual limit for individuals with self-only coverage under a high deductible health plan is $3,300. For calendar year 2014, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,550.
For the calendar year 2014, a “high deductible health plan” must meet one of the following definitions. For individuals, the health plan has a deductible of not less than $1,250 for self-only coverage. For family coverage, the health plan has an annual deductible that is not less than $2,500. For both individuals and families, annual out-of-pocket expenses cannot exceed $6,350 for self-only coverage and $12,700 for family coverage. The full Internal Revenue Service Notice is available for review here.
Fraser Stryker is a leader in tax and employee benefits law. Attorneys in the Firm’s Taxation and Employee Benefits Practice Groups advise individuals, business entities, governments, and nonprofit/tax-exempt organizations on a wide variety of tax and employee benefits matters and transactions. Fraser Stryker works with employers to implement and maintain employee benefit plans that help attract and retain top talent. For more information on the Health Savings Accounts and high deductible health plans, please contact or Nicole R. Konen.
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