|
IRS Requirements for 2010 |
| |
Single Plan |
Family Plan |
| Minimum Deductible |
$1,200 |
$2,400 |
| Maximum Out-of-Pocket |
$5,950 |
$11,900 |
| Contribution Limit |
$3,050 |
$6,150 |
| Catch-Up Contribution (55 or
older)* |
$1,000 |
$1,000 |
|
|
|
|
IRS Requirements for 2009 |
| |
Single Plan |
Family Plan |
| Minimum Deductible |
$1,150 |
$2,300 |
| Maximum Out-of-Pocket |
$5,800 |
$11,600 |
| Contribution Limit |
$3,000 |
$5,950 |
| Catch-Up Contribution (55 or
older)* |
$1,000 |
$1,000 |
|
|
|
|
IRS Requirements for 2008 |
| |
Single Plan |
Family Plan |
| Minimum Deductible |
$1,100 |
$2,200 |
| Maximum Out-of-Pocket |
$5,600 |
$11,200 |
| Contribution Limit |
$2,900 |
$5,800 |
| Catch-Up Contribution (55 or
older)* |
$900 |
$900 |
|
How much can I
contribute to my HSA each year?
Your maximum annual HSA contribution is determined by
the limit for your type of coverage. For 2010, if you have self-only
HDHP coverage, your contribution is $3,050; $6,150 if family HDHP, it
does not matter what your HDHP deductible is. Catch up
contributions are available for insured's 55 and over.
What is the limit on how much I
can contribute?
See the chart at the top of this page.
Is there a minimum contribution that must be made to the
HSA?
Not with the IRS, your bank might have minimum deposits and balances
though.
Can my employer make deposits to my HSA?
Yes
Are my deposits in an HSA tax deductible?
Definitely. You reduce your taxable income by the amount of your
deposit, and you don't have to itemize your deductions. Other people
like your employer can make deposits into your HSA on your behalf.
Do I get a tax benefit if my employer contributes to my
HSA?
Yes, If your employer makes deposits into your HSA it is exclude from
your income.
What is the catch up provisions for people over 55?
Individuals 55 and older who are covered by an HDHP can make
additional catch-up contributions each year until they enroll in
Medicare. The allowed “catch-up” contributions to your HSA are as
follows:
2008 - $900
2009 and after - $1,000
How do the catch up rules apply if someone turns 55 during
the year?
It doesn't matter when your birthday is, as long as you have a High
Deducible Health Plans for the entire year. If not, it is prorated for
the number of months you had a HDHP.
Can both spouses over the age of 55 make “catch-up” contributions?
Yes, but they will need to have two separate accounts.
We are insurance agents not a CPAs. Every effort has been made to make sure
that information in this website is accurate in regards to Health Savings
Accounts and Tax Savings. Please consult with your tax professional, the
IRS, and your State revenue department.
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