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IRS Issues 2009 HSA Contribution Limits
The IRS has issued indexed contribution limits for health savings accounts for the 2009 tax year.
By: HSA Ins. Srvs.
The new levels are as follows:
* For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
* For family coverage, the maximum annual HSA contribution is $5,950.
* Catch up contribution for individual who are 55 or older is increased by statute to $1,000 for 2009 and all years going forward.
* Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year. For individuals who are no longer eligible individuals on that date, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an eligible individual.
New Amounts for Out-of-Pocket Spending on HSA-Compatible HDHPs:
* For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600.
Minimum Deductible Amounts for HSA-Compatible HDHPs:
* For 2009, the minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage.
In addition, a fiscal year plan that satisfies the requirements for an HDHP on the first day of the first month of its fiscal year may apply that deductible for the entire fiscal year.
By law, an individual or family must have a high deductible health insurance plan ("HDHP") in force in order to be qualified for a health savings account.
HSA Ins. Srvs. provides quotes for high deductible plans from several major insurers and also provides enrollment assistance for individuals, families, and the self-employed.
For additional information on health savings accounts for individuals, visit http://www.msainfo.net. For quotes on high deductible health plans, visit http://www.hsahealthplans.com
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HSA Ins. Srvs. is a nationwide brokerage specializing in health savings account plans for individuals, families, and the self-employed.