Contribution Limits & IRS Guidelines

2014 IRS Limits

Single Plan Family Plan
Maximum Contribution Limit $3,300 $6,550
Minimum Deductible $1,250 $2,500
Maximum Out-of-pocket $6,350 $12,700
Catch-up Contribution (55+) $1,000 $1,000

HSA-compatible Health Plans

The IRS sets annual requirements for the minimum deductible and maximum out-of-pocket expense for HSA-compatible health plans. Verify with your health plan representative that your health plan is compatible.

Remove Excess Contributions

If you exceed the maximum contribution limit for a given year, you can remove the excess funds, without tax penalty, anytime prior to the tax filing deadline. To remove an excess contribution, complete the Excess Contribution Removal Form and mail it to HSA Bank.

If excess funds are not removed by your tax filing deadline, you may be subject to tax penalties and/or IRS fees.

Transfer or Rollover Funds to Your HSA

  • Unused FSA or HRA funds may be rolled into your HSA on a one-time basis. Please contact your employer for specific details.
  • A one-time rollover from an IRA to an HSA is allowed up to the annual HSA contribution limit. Please contact your tax advisor to discuss the benefits and tax reporting requirements.

Prorating Contributions

Prorating is required to avoid tax penalties when an individual does not maintain HSA-compatible coverage through December 31st of the following year.

Coverage Type Coverage Begins Coverage Ends Allowable 2014 Contributions
Individual 1/1/2014 12/31/2014 $3,300
Individual 7/1/2014 12/31/2014 $1,650
Individual 4/1/2014 7/1/2014 $825
Individual 11/1/2014 11/2/2014 $275

Mid-year Coverage

If your new HSA-compatible coverage begins in July of a given year, you are eligible to contribute the maximum amount for that year provided that you maintain coverage until December 31st of the following year.

Health Plan Status Change

If you begin the year with family coverage and switch to single coverage in July of that year, you are eligible to contribute half of the family coverage contribution maximum and half of the individual coverage contribution maximum.

Find out about contribution limits.
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