| 2013 IRS Limits |
|
Single Plan |
Family Plan |
| Maximum Contribution Limit |
$3,250 |
$6,450 |
| Minimum Deductible |
$1,250 |
$2,500 |
| Maximum Out-of-pocket |
$6,250 |
$12,500 |
| Catch-up Contribution (55+) |
$1,000 |
$1,000 |
| 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.
Catch-up Contributions
Individuals age 55 and over can make catch-up contributions directly through Internet Banking or by mailing a personal check.
Excess Contribution Removal
If you exceed the maximum contribution amount for a given year, you can remove the excess funds by your tax filing deadline, typically April 15, without tax penalty. To remove an excess contribution, please 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.
Rollover Funds to Your HSA
You may be eligible for a one-time rollover from your FSA or HRA as long as you meet the conditions and eligibility requirements. Per IRS Notice 2007-22, you must:
1) have had an FSA or HRA on September 21, 2006;
2) roll over the lesser of the balance in the FSA or HRA on September 21, 2006 or as of the date of the distribution; and
3) bring the FSA or HRA balance to zero. Contact your employer who will need to initiate the rollover process by contacting the FSA or HRA administrator. For more information, reference IRS notice 2007-22.
A one-time rollover from an IRA is allowed up to the annual IRS maximum amounts. Contact your tax advisor to discuss the benefits and tax reporting requirements.