02/09/2011
Catch-up contributions make HSAs even more versatile
One of the benefits of having an HSA is the ability to make catch-up contributions to better prepare for future health care expenses. In 2011, individuals aged 55 and older are allowed to contribute $1,000 over the annual contribution limit. The contribution is tax-deferred and can be made as a single deposit or as multiple deposits throughout the year.
This year's minimum deductibles, contribution limits and out-of-pocket maximums will remain the same as the 2010 amounts:
|
Minimum Deductibles |
2010 |
2011 |
Individual with self-only coverage |
$1,200 |
$1,200 |
Family coverage |
$2,400 |
$2,400 |
HSA Contribution Limits |
2010 |
2011 |
Individual with self-only coverage |
$3,050 |
$3,050 |
Family coverage |
$6,150 |
$6,150 |
Out-of-Pocket Maximums |
2010 |
2011 |
Individual with self-only coverage |
$5,950 |
$5,950 |
Family coverage |
$11,900 |
$11,900 |
For information on allowable HSA expenses, view or download IRS publication 502. Learn more about how HSAs can work for you and your clients.
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