GOOD NEWS for those of you who are self employed or purchase your own health insurance, the IRS has announced the 2014 Health Savings Account contribution limits along with deductible information and the out-of-pocket max for HSAs. 2014 will bring a ton of change to the health insurance industry, but the Federal Government has confirmed that our beloved Health Savings Accounts will survive!
Make sure to check out the Humana One Health Savings Accounts!
2014 Health Savings Account Information:
- An individual HSA needs a deductible of $1,250 or higher for coverage
- A family HSA needs a deductible of at least $2,500 or higher for coverage, the embedded individual deductible is a minimum of $2,500 for a family plan. For example a $5K family HSA could have two individual deductibles or $2,500.
- The out-of-pocket max for an HSA in 2014 is $6,350 for an individual plan and $12,700 for a family plan. These maximums have increased from 2013.
- AND best of all, the Health Savings Account contribution limits will be $3,300 for individual coverage and $6,550 for family coverage in 2014. So these contribution limited have increased! Also, the “catch-up” contribution for age 55 or older will still be $1,000.
If you are self employed and have to provide your own insurance, it is a good idea to purchase HSA eligible health insurance.