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Archive for Items Categorized 'Health Insurance'

May 30, 2013

IRS Announces 2014 HSA and HDHP Limits

Rainy Day FundThe Internal Revenue Service (IRS) has announced the 2014 contribution limits, deductible minimums and out-of-pocket maximums for health savings accounts (HSAs) and high-deductible health plans (HDHPs).

  • An HDHP must have a deductible of at least $1,250 for individual coverage and at least $2,500 for family coverage (including a minimum $2,500 embedded individual deductible under family coverage) to qualify an individual to contribute to an HSA. These minimum deductibles are unchanged from 2013.
  • Out-of-pocket maximums for an HSA-qualifying HDHP in 2014 are $6,350 for individual coverage and $12,700 for family coverage. These are increased from $6,250 for individual coverage and $12,500 for family coverage in 2013.
  • Contribution limits for HSAs will be $3,300 for individual coverage and $6,550 for family coverage in 2014. These are increased from 2013’s limits of $3,250 for individual coverage and $6,450 for family coverage. The annual “catch-up” contribution amount for individuals age 55 or older will remain $1,000.

May 22, 2013

Healthcare Group of Arizona Alert

Healthcare Group of ArizonaThe Arizona State Legislature is considering legislation to repeal Healthcare Group of Arizona effective January 1, 2014. If the legislation is approved, Healthcare Group of Arizona (HCGA) will stop providing coverage effective December 31, 2013, when the new web-based insurance exchange will be available to offer health insurance coverage. As currently drafted, HCGA will not accept applications for new groups or subscribers after July 15, 2013.

On October 1, 2013, the new web-based insurance exchange will begin accepting applications for health insurance coverage. In Arizona, this marketplace will be operated by the federal government and is known as the federally-facilitated exchange or FFE. Coverage on the FFE begins January 1, 2014 and will be available to individuals and to employees of small businesses. Additional information on the operation of the FFE will be forthcoming. We will post a link to the FFE once it becomes available. (more…)

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