HSA Contribution Limits for 2014
|Age 54 and under||Age 55 and above|
The IRS allows for an extra $1,000 catch-up contribution during the year you turn 55. So, if your 55th birthday is in the 2014 calendar year, you are eligible for the extra contribution.
For those using Tango to manage their HSA, your 2014 annual contribution limit will be updated based on your insurance coverage, as reported by your employer, and age. Also, if you or your spouse contribute to another HSA this year, you should enter those contributions n Tango’s limit calculator to avoid exceeding your IRS maximum. Learn more about how spouses should handle HSAs here.
HDHP Minimum and Maximum Limits for 2014
|Minimum Deductible||Maximum Out-of-Pocket|
FSA Contribution Limits for 2014
Below are the IRS guidelines of FSA contribution limits, but your employer may restrict these based on their plan design.
|FSA (including limited)||$25||$2,500|
Your employer may also decide to utilize the new Carryover period in lieu of a Grace Period this year. This option allows you to carry up to $500 of your remaining 2013 balance into 2014. This only affects your Health FSA and does not apply to Limited or Dependent Care FSAs.