IRS releases 2009 maximum health savings account contributions
The Treasury Department and Internal Revenue Service recently released 2009 guidelines for maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for high deductible health plans (HDHPs) that must be used in conjunction with HSAs. The 2009 IRS requirements are:
Minimum Deductible: $1,150 single plan; $2,300 family plan
Maximum Out-of-Pocket: $5800 single plan; $11,600 family plan
Contribution Maximum: $3,000 single plan; $5950 family plan
New Annual Contribution Levels for HSAs
• The maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
• For family coverage, the maximum annual HSA contribution is $5,950.
• Catch-up contribution for individuals who are 55 or older is increased to $1,000 for 2009 and all
years going forward.
• Individuals who are eligible individuals on the first day of the last month of the taxable year (December 1 for most taxpayers) are allowed to make the full annual contribution (plus catch up
contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year. For individuals who do not maintain eligibility for the 13-month
testing period following that date, both the HSA contribution and catch-up contribution should be prorated based on the number of months of the year a taxpayer was an eligible individual. New Amounts for Out-of-Pocket Spending on HSA-Compatible HDHPs
• The maximum annual out-of-pocket amount for HDHP self-coverage increases to $5,800. The maximum annual out-of-pocket amount for HDHP family coverage is twice that at $11,600. Minimum Deductible Amounts for HSA-Compatible HDHPs
• The minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage. In addition, a fiscal year plan that satisfies the requirements for an HDHP on the first day of the first month of its fiscal year may apply that deductible for the entire fiscal year.
