The 2012 maximum annual amount that can be contributed to a Health Savings Account is:
- Individual HSA limit is $3,100
- Family HSA limit is $6,250
- Annual catch up for individuals over age 55 remains to be an additional $1,000
The HSA limit in 2012 for High Deductible Health Plans have not changed from 2011, which equal:
- Individual $1,200 Deductible / maximum Out of Pocket Expense = $6,050
- Families $2,400 Deductible / maximum Out of Pocket expense = $12,100
To avoid taxation, all HSA distributions must be used for qualified medical expenses, which include:
- Amounts paid for medical care that is not reimbursed by insurance;
- COBRA health insurance premiums, and Qualified Long Term Care premiums
- other health insurance premiums, but only if a person is receiving unemployment compensation
Quotebroker offers free online quotes and comparisons of available Health Savings Accounts in your area. You may also call (800) 783-0802 weekdays 8:30am - 4pm.
