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Roy Ramthun, also known as “Mr. HSA,” has confirmed and finalized his predictions for the 2014 contribution limits and high deductible health plan requirements for HSAs. “Today’s release of the March inflation figures by the Bureau of Labor Statistics provided the final data element, so the projections can be finalized with certainty,” Ramthun said.
The U.S. Treasury Department is required to publish the inflation-adjusted amounts for HSAs for the upcoming year by June 1 each year.
As Ramthun predicted in February, the maximum HSA contribution (not including catch-up contributions) will increase to $3,300 for individuals with self-only coverage and $6,550 for those with family coverage in 2014. The annual catch-up contribution for individuals age 55 or older is set by statute and will remain $1000 per person for 2014.
Ramthun said that most HSA-qualified insurance plans will not need to make changes to their plan designs for 2014. “The minimum deductible for HSA-qualified plans will not change for 2014,” he said. But the out-of-pocket limits for 2014 will increase to $6,350 for singles and $12,700 for persons with family coverage.
“Although the annual limits on out-of-pocket expenses will rise for 2014, the limits HSA plans are using today would fall within the limits for 2014 so no changes will be required,” says Ramthun. He also notes that the Patient Protection and Affordable Care Act (PPACA) will be applying the HSA out-of-pocket limits for 2014 to all health plans starting January 1, 2014.