Louisville, Colorado (PRWEB) January 23, 2014
New Direction IRA, Inc. (NDIRA), an HSA and IRA custodial* and administrative services provider, reminded clients today about 2014 Health Savings Account (HSA) contribution limits and the special rules that govern that account type.
Health Savings Account (HSA) contribution limits grew slightly to $3,300 for individual plans and $6,550 for family plans. HSA catch-up contribution limits remained unchanged at $1,000 per year for HSA account holders over the age of 55.
NDIRA CEO Bill Humphrey reminded clients today that HSAs act similarly to IRAs.
“HSAs are individual custodial accounts and you, the account holder, have control over it, just like you control your IRA,” Humphrey said. “This means your HSA can be invested in alternative assets like real estate, precious metals, even provide loans and more, allowing you to maximize your HSA.”
Along with the HSA contribution limits, High Deductible Health Plan (HDHP) rules also changed.
Maximum out-of-pocket expenses for High Deductible Health Plans (HDHPs) were heightened slightly to $6,350 for individuals and $12,700 for families. There was no change in HDHP minimum deductibles ($1,250/individuals and $2,500/families).
NDIRA also reminded clients that anyone can contribute to their IRAs. That means if an HSA holder cannot afford to contribute $3,300 to his account this year, a friend or relative can contribute to his account. However, an account can only receive up to the contribution limit in a given year, no matter who or how many people contribute to it.
“The HSA’s flexibility is attracting more and more people as Obamacare takes effect,” Humphrey said. “Contributing to an HSA and investing those funds with an eye toward the future allows their account to use time and tax advantages to accumulate money to pay for qualified medical expenses.”
“Many taxpayers are discovering that delaying distributions from their HSA gives it time to grow into a tremendous retirement tool,” Humphrey added. “Our clients realize that every day they personally pay medical bills but hold off withdrawing HSA money for reimbursement, those funds compound and continue to grow tax free for the future.”
More information about 2014 HSA contribution limits and rules regarding these accounts can be found at http://www.newdirectionira.com/hsa.html.
If you’d like more information about self-directed IRAs or 2014 contribution limits for other account types, New Direction IRA offers extensive educational resources on its website, http://www.newdirectionira.com. You can check in with an IRA expert via webinar, live workshop or by calling a client representative to discuss your retirement strategy.
New Direction IRA is a trusted provider of investor education and record keeping services for self-directed IRA and precious metals IRA holders. Since its inception in 2003, New Direction IRA has been at the forefront of the self-directed retirement investment market. The company enables individual investors to take control of and diversify their tax-advantaged retirement funds using alternative asset opportunities such as real estate, precious metals, LLCs, notes and lending, and more. Headquartered in Louisville, Colorado, New Direction IRA administers more than $640M in assets on behalf of over 8,300 account holders. Visit the website at http://www.newdirectionira.com.
DISCLAIMER: New Direction IRA, Inc. does not render tax, legal, accounting, investment, or other professional advice. If tax, legal, accounting, investment, or other similar expert assistance is required, the services of a competent professional should be sought. CIRCULAR 230 NOTICE: As required by U.S. Treasury rules, we inform you that if any Federal tax advice is contained in this email, including attachments (in spite of our best efforts not to provide any tax advice), it is not intended or written to be used, and cannot be used, by any person (1) for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service, or (2) to promote, market, or recommend to another party any matter addressed herein.
*New Direction is a trusted provider of Custodial and Administrative services for traditional and Roth IRAs, HSAs, and other tax advantaged plans. Physical custody and administrative oversight is provided by First Trust Company of Onaga, in Kansas. Regulatory account oversight comes from the Office of the State Bank Commissioner of Kansas.