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August 21, 2011
2012 Health Savings Account Plan Minimums and Maximums
Each year, the IRS calculates annual Health Savings Account adjustments using a 12-month period ending March 31. It has released Revenue Procedure 2011-32,1 that shows inflation-adjusted amounts for 2012 Health Savings Accounts and the high-deductible health plans that work with them.
For 2012, the maximum annual HSA contribution for individual HSA plans will be $3,100, which is $50 higher than the 2011 maximum. For family HSA plans, the maximum will be $6,250, or $100 higher than in 2011.
Those 55 or over may contribute an additional $1,000 in 2012 just like in 2011. Both individuals and their employers may contribute to an HSA as long as the individual is covered under a high-deductible health plan.
The minimum high-deductible health plan deductible for HSA plans remains the same next year. That's $1,200 for individual coverage or $2,400 for family coverage.
Maximum out-of-pocket expense will increase for 2012. For individual HSA plans, that will increase $100 to $6,050. For family HSA plans, it will increase to $12,100 (up $200 from 2011). The out-of-pocket expense does not include premiums. For more specifics on Health Savings Accounts and HSA Plans, you can use our online educational resources.
Posted by Wiley Long at August 21, 2011 12:28 PM