Q:

What was the HSA contribution limit for 2014?

A:

Quick Answer

The Health Savings Accounts contribution limit for 2014 was $3,300 for an individual and $6,550 for a family, according to HSACenter.com. HSA holders who were 55 and older saved an additional $1,000, which meant $4,300 for individuals and $7,550 for a family.

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Full Answer

The contributions are 100 percent tax deductible from total income. The minimum deductible was $1,250 for an individual and $2,500 for a family, states HSACenter.com. The Internal Revenue Service announces adjusted contribution limits for each year, as stated by the U.S. Department of the Treasury. The IRS created Health Savings Accounts in 2003 to allow people covered by high-deductible health plans to receive tax-advantaged treatment of savings for medical expenses,

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