Employee Benefits | Health Savings Account
Annual HSA Contribution Amounts Adjusted for 2012
Revenue Procedure 2011-32 sets forth the 2012 inflation adjusted deduction limitations for annual contributions made to an HSA. For 2012, the annual limitation on HSA deductions for an individual with self-only coverage under a high deductible health plan (HDHP) is $3,100 and with family coverage under a HDHP is $6,250. This represents an increase from $3,050 and $6,150 respectively. The HSA contribution limits apply to the individual HSA account holder on the basis of his or her taxable year, which for almost everyone, is the calendar year.
For 2012, an HDHP must have an annual deductible that is not less than $1,200 (no change from 2011) for self-only coverage or $2,400 (no change from 2011) for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,050 for self-only coverage or $12,100 for family coverage. As a reminder, an individual may take an above-the-line deduction for contributions made to the individual's HSA (i.e., the amounts will reduce the individual's adjusted gross income).
The HSA maximum annual catch-up contribution for individuals age 55 and older was unchanged and continues to be $1,000.
click here to read Revenue Procedure 2011-32 >> pdf
Department of the Treasury IRS Publication 969
Various programs are designed to give individuals tax advantages to offset health care costs. This publication explains the following programs:
- Health savings accounts (HSAs)
- Medical savings accounts(Archer MSAs and Medi-care Advantage MSAs)
- Health flexible spending arrangements (FSAs)
- Health reimbursement arrangements (HRAs)
2009- 2011 Employee Benefit Annual Limits
This one-page handout provides the annual limits 2009-2011 for various employee benefits, including IRS limits on HSAs and retirement benefits, Social Security tax and salary levels, and Medicare deductibles.
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