Park City, Utah (PRWEB) May 20, 2013
Today, Zane Benefits, Inc. published new information on health savings accounts. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in health care reform, defined contribution and HRAs.
According to Zane Benefits’ website, the IRS recently announced the health savings account (HSA) rules and requirements for 2014. The HSA contribution limits and out-of-pocket maximums have been increased.
2014 HSA Contribution Limits
According to Zane Benefits’ website, for calendar year 2014 the annual HSA contribution limits are:
- Individuals (self-only coverage) - $3,300 (up $50 from 2013)
- Family coverage - $6,550 (up $100 from 2013)
HDHP minimum required deductibles
The High Deductible Health Plan (HDHP) required deductibles for an HSA did not change from 2013 to 2014: $1,250 for self-only coverage and $2,500 for family coverage.
The annual out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums. The 2014 out-of-pocket maximums are: $6,350 for self-only coverage (up $100 from 2013) and $12,700 for family coverage (up $200 from 2013).
If one uses an HSA to pay for unqualified medical expenses, the tax penalty is 20 percent of the HSA distribution.
Background on Health Savings Accounts
According to Zane Benefits’ website, a Health Savings Account, or HSA, is a financial account established by an individual or family to pay for qualified medical expenses.
U.S. federal regulations require citizens to have a minimum deductible on their health insurance from all sources in order to make tax-deductible contributions to their Health Savings Accounts (HSA).
HSAs combine the benefits of both traditional and Roth 401(k)s and IRAs for medical expenses. Taxpayers receive a 100% income tax deduction on annual contributions, they may withdraw HSA funds tax-free to reimburse themselves for qualified medical expenses, and they may defer taking such reimbursements indefinitely without penalties.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.