The Internal Revenue Service (IRS) has published contribution limits for health savings accounts (HSAs) and out-of-pocket expenses for high deductible health plans (HDHPs) for the 2011 year, as required annually before June 1st for the next calendar year. The 2011 figures, listed in the below chart, remained unchanged from the 2010 amounts due to relatively flat inflation.
For the 2011 calendar year, an HDHP is defined as a health care plan with an annual deductible that is not less than $1,200 for self only coverage or $2,400 for family coverage. It is important to note that out of pocket maximums apply to deductible, copayments and other amounts, but do not apply to premiums. The annual catch-up amount for HSA eligible individuals who are age 55 and older remains at an additional $1,000 per year for 2011.
The new limits and maximums are effective January 1, 2011. To see the official release, please visit the IRS website at: http://www.irs.gov/pub/irs-drop/rp-10-22.pdf
Please contact your Conner Strong representative with any questions, toll-free at 1-877-861-3220.