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IRS sets new contribution levels for Health Savings Accounts
The U.S. Treasury and the IRS have issued the new guidelines for the maximum contributions to Health Savings Accounts for 2010.
- Individuals may contribute an annual maximum of $3,050.
- Families, covering two or more individuals, may contribute up to $6,150
A catch-up contribution of $1000 for individuals who are 55 years of age or older and not on Medicare
New amounts for Out-of-Pocket spending for 2010
- An individual may have a maximum annual out-of-pocket of $5950
- Families may have a maximum out-of-pocket of $11,900
Maximum deductible amount for 2010
- Individuals must have a minimum deductible of $1200
- Families must have a minimum deductible of $2400
| Type of Coverage |
Rule | 2009 | 2010 |
| Individual | Maximum contribution | $3000 | $3050 |
| Minimum deductible | $1150 | $1200 | |
| Out-of-Packet maximum | $5800 | $5950 | |
| Family | Maximum contribution | $5950 | $6150 |
| Minimum deductible | $2300 | $2400 | |
| Out-of-Pocket Maximum | $11,600 | $11,900 |
For additional information consult the IRS website. Questions concerning other rules governing HSA's including qualifying banks and insurance companies should be addressed to planners@sbcglobal.net
Comments
I've really enjoyed my HSA, despite what this article has to say about their cons.
I definitely recommend investing in them!
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