IRS Issues 2014 Inflation-Adjusted Amounts For HSAs

The Internal Revenue Service has issued inflation adjusted amounts under Code Sec. 223 for health savings accounts (HSAs) for 2014. For calendar year 2014, the annual limitation on deductions under Code Sec. 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,300. For calendar year 2014, the limitation on deductions under Code Sec. 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $6,550.

Also, for calendar year 2014, a “high deductible health plan” is defined under Code Sec. 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,250 for self-only coverage or $2,500 for family coverage, and the annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) do not exceed $6,350 for self-only coverage, or $12,700 for family coverage.

Visit our News Library to read more news stories.