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July 07, 2009
Health Savings Account Contribution Limits Set to Rise
The Internal Revenue Service has said the maximum Health Savings Account contribution is set to set to increase in 2010. Also set to increase is the minimum deductible imposed by health insurance plans linked to Health Savings Accounts and the maximum out-of-pocket expenses that employees can be required to pay.
The maximum contribution that can be made to an HSA in 2010 for employees with single coverage will be $3,050, up from $3,000 in 2009. The maximum HSA contribution for those with family coverage will rise to $6,150, up from $5,950.
Additionally, the maximum out-of-pocket expense, including deductibles, that employees can be required to pay next year will rise to $5,950 for single coverage, up from $5,800 this year, and $11,900 for family coverage, up from $11,600.
The minimum deductible of the high-deductible health insurance plan to which Health Savings Accounts must be linked will increase next year to $1,200 for single coverage and $2,400 for family coverage. The current minimum deductibles are $1,150 for single coverage and $2,300 for family coverage.
Learn more about what a Health Savings Account can do for you at HSA for America.
Posted by Wiley Long at July 7, 2009 08:58 AM