“Mr. HSA” Projects 2014 HSA Numbers

"HSA contribution limits will rise again but minimum deductibles will remain at 2013 levels."
By: HSA Clearing
 
 
photoRoy
photoRoy
March 4, 2013 - PRLog -- Washington, DC March 4th, 2013 – Roy Ramthun, also known as “Mr. HSA,” is predicting the 2014 contribution limits and high deductible health plan requirements for HSAs. "With last week's release of the January inflation figures by the Bureau of Labor Statistics (BLS), the inflation-adjusted amounts for health savings accounts (HSAs) for 2014 are coming into view," says Ramthun. "With only two months of data remaining to be collected, I can now project the 2014 numbers for HSAs with virtual certainty."

Because of the enactment of the Tax Relief and Health Care Act of 2006 (P.L. 109-432), the data period for calculating the inflation adjustments runs through March (reported by the BLS in April). The U.S. Treasury Department is required to publish the inflation-adjusted amounts for the upcoming year for HSAs by June 1 each year.

Ramthun predicts that 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 2013. The annual catch-up contribution for individuals age 55 or older is set by statute and will remain $1000 per person for 2013.  

Ramthun predicts 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 says. The out-of-pocket limits for 2014 are projected to be $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.  For those plans wondering what the amounts will be, they can now begin finalizing their plan designs for next year.

About Roy Ramthun:

Roy Ramthun led the U.S. Treasury Department’s implementation of the HSA program after they were enacted in 2003.  Now a private consultant, Ramthun is a nationally-recognized expert on HSAs and consumer-driven health plans.  He is a frequent speaker at conferences and seminars around the country.  More information is available at www.hsaconsultingservices.com.
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Source:HSA Clearing
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