The IRS announced contribution limits for Health Savings Account (HSA) for 2014.
HSA Contribution Limits
You can only contribute to an HSA if you have a High Deductible Health Plan (HDHP).
The IRS also defines what qualifies as an HDHP. For 2014, an HDHP with individual coverage must have at least $1,250 in annual deductible and no more than $6,350 in annual out-of-pocket expenses. For family coverage, the numbers are minimum $2,500 in annual deductible and $12,700 in annual out-of-pocket expenses.
Reference: Rev. Proc. 2013-25, Internal Revenue Service
[Photo credit: Flickr user 401(K) 2013]
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