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Health Savings Account: 2014 Cost of Living Adjustments

In Rev Proc 2013-25, the IRS released the 2014 cost of living adjustments (COLA) for health savings accounts.  The HDHP out-of pocket limits and the statutory HSA contribution amounts have increased slightly.  The $1,000 catch up contribution available to accountholders aged 55 and over is not subject to a cost of living adjustment and thus, remains at $1,000.  Note: these are the figures that will be used for the Affordable Care Act required cost sharing limits in 2014.

 

 

Individual/Self Only

Family

2014

2013

2014

2013

HDHP Annual Deductible

$1,250

$1,250

$2,500

$2,500

HDHP Annual Out-of-Pocket Limits

 $6,350

 $6,250

 $12,700

 $12,500

Contribution Limits

$3,300

$3,250

$6,550

$6,450

 

 

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

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