The Internal Revenue Service (IRS) has released the inflation-adjusted amounts for Health Savings Accounts (HSAs) effective for calendar year 2012. These amounts are updated annually to reflect cost-of-living adjustments. The IRS has slightly revised the figures from 2011 due to inflation.
2012 HSA Contribution Limits - the maximum allowable annual contribution employees may make to their HSAs:
HSA participants with self-only coverage under a high deductible health plan (HDHP) may contribute $3,100 to their HSA (for calendar years 2010 and 2011, the limit was $3,050).
HSA participants with family coverage under HDHP may contribute $6,250 (for calendar years 2010 and 2011, the limit was $6,150.)
NOTE: Individuals age 55 and older are allowed to make additional “catch-up contributions” to their HSAs. The catch-up contribution amount remains at an additional $1,000 per year.
2012 Minimum HDHP Annual Deductibles - the minimum annual deductible required for a plan to qualify as a HDHP:
Self-only coverage is $1,200 (unchanged from 2011). Family coverage is $2,400 (unchanged from 2011).
2012 Out-of-Pocket Spending Maximums for HDHPs - the maximum annual out-of-pocket limits allowable under an HDHP:
The maximum annual out-of-pocket amount for HDHP self-only coverage is $6,050 (for calendar years 2010 and 2011, the limit was $5,950).
The maximum annual out-of-pocket amount for HDHP family coverage is $12,100 (for calendar years 2010 and 2011, the limit was $11,900).
Please contact your Conner Strong & Buckelew account representative toll free at 1-877-861-3220 with any questions. For a complete list of Legislative Updates issued by Conner Strong & Buckelew, visit our online Resource Center.