2014 LIMITS FOR HEALTH SAVINGS ACCOUNTS AND OOP LIMITS UNDER ACA

The IRS has announced inflation adjustments for 2014 related to Health Savings Accounts (HSAs).

Maximum Annual Contribution:

• Self $3,300 (up from $3,250 in 2013)
• Family $6,550 (up from $6,450 in 2013

By statute, the catch-up contribution will remain $1,000 for people age 55 and over.

Minimum Annual Deductible for High Deductible Health Plan (HDHP):

• Self $1,250 (unchanged from 2013)
• Family $2,500 (unchanged from 2013)

Maximum Out-of-Pocket (OOP) Limit for HDHP:

• Self $6,350 (up from $6,250 in 2013)
• Family $12,700 (up from $12,500 in 2013)

The out-of-pocket limit applies to deductibles, co-payments and coinsurance, but not premiums.  The maximum out-of-pocket limit for HSAs takes on new significance in 2014 because this is now the maximum out-of-pocket limit allowed under the Affordable Care Act (ACA).  This maximum OOP limit applies to individual policies, small group policies, large group policies and self-funded plans.  The only exception is grandfathered plans.