IRS Releases 2010 Adjusted HSA Amounts

Eligible individuals with self-only coverage under a high-deductible health plan (HDHP) may contribute an annual maximum of $3,050 to their Health Savings Account (HSA) for 2010. Eligible individuals with family coverage (coverage for two or more individuals) under an HDHP may contribute up to $6,150 to their HSA. Individuals age 55 or older who are not enrolled in Medicare may contribute more to the account per year.

To be considered qualified for an HSA, the HDHP must meet certain IRS regulations. For 2010, to qualify as an HDHP.

• The minimum deductible amount must be $1,200 for self-only coverage and $2,400 for family coverage; increased from 2009 requirements.
• The out-of-pocket maximum must be no higher than $5,950 for individual or $11,900 for family coverage; increased from 2009 requirements.
• The HDHP must be set up with a combined medical/pharmacy deductible. This deductible must apply to the out-of-pocket maximum; no change from 2009 requirements.
• All medical and pharmacy services must be subject to deductible and out-of-pocket maximum except for preventative services.

For more information and to obtain a quote on a Health Savings Account Compatible Plan, please contact me!