Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on HSA contribution limits in 2014.
According to Zane Benefits’ website, an HSA (or Health Savings Account) is a tax-advantaged savings account that belongs to an employee and is paired with a qualified high-deductible health plan (HDHP). Employees can make HSA contributions for the 2014 tax year until April 15, 2015. Maxing out the 2014 HSA limit set by the IRS will reduce the amount the employee pays in federal income tax
The 2014 HSA contribution limits are $3,300 for an individual and $6,550 for a family. Employees also need to be aware of other HSA guidelines such as the HDHP minimum deductible, HDHP out-of-pocket maximum, and catch-up amounts for those 55 years and older.
According to Zane Benefits’ website, once deposited, all HSA contributions belong to the employee, regardless of who made the contribution. As such, any distribution and/or removal of funds from the HSA has to be authorized by the individual (not the employer). Many other requests related to the account (such as a request for a new debit card or request for an address change) can only be made by the individual.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com.