June 12, 2010

2011 Health Savings Account Limits Announced

The IRS has determined that the change in inflation was not significant enough to warrant adjustments to the 2011 Health Savings Account (HSA) contributions. Those with single coverage may contribute up to $3050 for 2011. Those with family coverage are eligible to contribute $6150 and the catch up contribution for those age 55 and older will remain at an additional $1000.

For a health plan to qualify as an HSA, it must be a high deductible health plan and have a minimum deductible of $1200 for single coverage or 42400 for family coverage. The annual out of pocket limit must be no more than $5950 for single coverage and $11900 for family coverage.

It's still not late to begin your 2010 Health Savings account. For a free HSA instant quote, visit www.quotebroker.com