Maximum HSA Contribution Level Will Increase in 2010
According to the Internal Revenue Service, the maximum contributions that participants can make to a Health Savings Account (HSA) will increase in 2010. However, along with the contribution increase, the minimum deductible for health care plans will also increase.
Fort Collins, CO (PRWEB) May 27, 2009 -- According to the Internal Revenue Service (IRS), the maximum contribution that individuals can make to their Health Savings Accounts (HSA) will increase in 2010 from $3,000 (in 2009) to $3,050. HSA family plan contributions will increase from $5,950 (in 2009) to $6,150.
Along with this maximum contribution increase, out-of-pocket employee expenses will also increase, including deductibles. In 2009, the maximum out-of-pocket expense was $5,800 for an individual and $11,600 for a family. These maximum expenses will increase to $5,950 for an individual and $11,900 for a family.
"We find that most of our customers like to contribute as much as possible to their HSA," said Wiley Long, President of HSA for America. "The more pre-tax money you can put aside each year, the more you'll have growing to help you cover your future medical expenses."
Minimum deductibles will also increase. Deductibles for high-deductible HSA plans will increase from $1,150 to $1,200 for individual coverage and $1,150 to $2,300 for family coverage.
"The best way for our customers to continue to manage their finances smartly is to do their best to contribute the maximum amount possible towards their HSA plans", said Long. "They should then take good care of their health. That way the money grows tax-deferred, and can act as an additional retirement account."
Health savings accounts are available to anyone who has a qualifying high-deductible health insurance plan. The number of people with HSA-qualified health insurance plans has grown by 30% in the past year, to over 8 million people.
More About HSA for America
HSA for America offers a wide spectrum of Health Savings Account programs for individuals, families, and businesses that help members save up to 50 percent off of the cost of their health insurance. HSA for America's HSA plans reduce insurance premiums, and allow members to save money on qualifying medical expenses, including dental expenses, mental therapy, physical therapy, alternative treatments, transportation and lodging related to medical expenses, and non-prescription medications.
For more information about HSA for America programs, visit www.health--savings--accounts.com.
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