HSA Contribution Limits

January 9, 2014

Employee Benefit & HR News

As a reminder for those with Qualified High Deductible Health Plans, the IRS has raised the contribution limits for Health Savings Accounts. For 2014 an individual can contribute $3,300 and a family can contribute $6,550. H.S.A. enrollees age 55 or over can also take advantage of a catch-up provision and contribute an additional $1,000. Funds can be used for most out-of-pocket medical, vision and dental costs. And, of course, the dollars accumulate if they’re not spent in the calendar year, because an H.S.A. is not a “use it or lose it” plan like some employer-sponsored cafeteria plans.

H.S.A. limits are raised annually. If you’d like more information, please go to: http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx or ask your J.W.Terrill consultant.

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About Kevin Guss

Kevin J. Guss is a Consultant with our Private Client Benefit Services, specializing in providing individual health coverage (on and off-exchange), Medicare supplements, life, LTC and disability insurance to clients of J.W. Terrill and strategic partners. With more than 22 years of industry experience, Kevin counts many retired professional athletes, celebrities, business leaders and prominent members of the community among his clients. He has a Group Benefits Associate designation from the Wharton School of the University of Pennsylvania, a Past President of St Louis Association of Health Underwriters and a current board member of the MO Association of Health Underwriters.

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