2010 HSA Contribution Limits
The IRS recently issued guidance outlining the maximum annual contributions for health savings accounts (HSAs) for calendar years 2009 and 2010 [Rev. Proc. 2007-36].
Previously, the maximum contribution was calculated as the lesser of the deductible of the accompanying high deductible health plan or the indexed statutory amount. However, the Health Opportunity Patient Empowerment Act of 2006 specified that the maximum annual contribution is the indexed statutory amount for taxable years beginning after December 31, 2006 .
The annual contribution limit on deductions is as follows:
- Calendar year 2009: $3,000 for an individual with self-only coverage under a high deductible health plan and $5,950 for an individual with family coverage.
- Calendar year 2010: $3,050 for an individual with self-only coverage under a high deductible health plan and $6,150 for an individual with family coverage.
For calendar year 2010, a "high deductible health plan" is one that has:
- An annual deductible of at least $1,200 for self-only coverage or $2,400 for family coverage, and
- Annual out-of-pocket expenses up to $5,950 for self-only coverage or $11,900 for family coverage.
| 2009 | 2010 | |
|---|---|---|
| Contribution Limit - Individual | $3,000 | $3,050 |
| Contribution Limit - Family | $5,950 | $6,150 |
| Minimum Annual Deductible for 2010 | Maximum Out-of-Pocket Expenses for 2010* | |
|---|---|---|
| Individual | $1,200 | $5,950 |
| Family | $2,400 | $11,900 |
*: includes deductibles, co-payments, etc., but not premiums.
Catch-up Contributions
Individuals age 55 and older, who are covered by an HDHP, can make additional catch-up contributions each year until he/she enrolls in Medicare. The additional catch-up contributions allowed are as follows:
| Year | Amount |
|---|---|
| 2009 | $1000 |
| 2010 | $1000 |