As our taxes creep up, deductions are always of interest.

If you have an HSA account, it’s not too late to make contributions. Individuals may contribute $3,300 (up $50 from 2013) and families can contribute $6,550 (up $100 from 2013). The high deductible health plans requiring deductibles for an HSA did not change between 2013 and 2014. We view this as being a good thing. On a high deductible health plan (HDHP), $1,250 for self coverage and $2,500 for family coverage.However, the maximum out of pocket expenses which includes deductibles, co-payments and other amounts (not premiums) are $6,350 for individuals (up $100 from 2013) and $12,700 for family coverage (up $200 from 2013).

HSAs are “IRAs on steroids” with triple tax advantages. You have tax deductible contributions, tax free accumulation of interest and tax free distributions for “qualified medical expenses”. This should not be taken as legal or tax advice. Seek out the appropriate professionals.

Please be cautious about spending your HSA dollars for unqualified medical expenses. The tax penalty is 20% of the HSA distribution. I highly recommend that you seek the advice of an independent agent and a CPA. But, if you want one more deductible for the year, this is something to look at.