If your company currently offers a Health Savings Account (HSA) option within its employee benefit plan — or is at least considering one — you will want to take note of the increased HSA limits for 2014.
A newly released document from the IRS highlighted what companies can expect in 2014:
- Contribution Limits – Self-Only Coverage: The maximum annual HSA contribution for an individual with self-only coverage under an HDHP is being increased to $3,300 (the limit was $3,250 for 2013)
- Contribution Limits – Family Coverage: The maximum annual HSA contribution for an individual with family coverage under an HDHP is being increased to $6,550 (the limit was $6,450 for 2013)
- Minimum Deductibles: The deductible amounts under and HDHP will not change in 2014; they remain at $1,250 for self-only coverage and $2,500 for family coverage.
- Out-Of-Pocket Expense Limits: The maximum out-of-pocket expense has been increased to $6,350 for self-only coverage and to $12,700 for family coverage.
Is an HSA Right For Your Business?
At CBG Benefits, we have continued to see a rise in the number of employers that are choosing to add an HSA option to their employee benefit plan.
To learn whether an HSA is right for your company, we encourage you to contact our team at 877-332-6387 or via our online contact form.