HSA Contribution Limits
Health savings accounts are growing in popularity as they help individuals, families and employers keep their overall premiums down. In return for lower premiums, the insured agrees to pay for most incidental expenses out of pocket until their deductible has been reached.
The new contribution amounts for 2010 are as follows:
- Individual contribution limits are $3,050 and the minimum policy deductible must be at least $1,200.
- Family contribution limits are $6,150 and the minimum policy deductible must be at least $2,400.
- Those who are age 55 and older may contribute up to an additional $1,000 to their HSA.
Health savings accounts offer distinct tax advantages over traditional health insurance plan. Funds deposited into an HSA can be written off each year, grow tax deferred, and can be withdrawn tax free for qualified medical expenses. The I.R.S. offers a comprehensive list of what constitutes a qualified medical expense at their website.
It is important to note that a health savings account is just that - an account that is setup along side a qualified health insurance policy. Consumers can set one up through their chosen insurance carrier or can opt for a bank or investment firm that accepts such deposits. It is usually easier to manage a health savings account when it is setup through the insurance company however.
Consumers should also understand that HSA qualified plans offer few benefits until the plan deductible has been reached. Doctor's office visits and prescriptions drug coverage are usually not covered right away. However, most HSA plans will cover preventive care like annual physicals, well child care and OBGYN visits without the consumer reaching the deductible first. Always ask your agent if preventive care is or is not subject to the deductible before purchasing a plan.
In summary, health savings account qualified plans offer increased limits in 2010 and can be an economical way for consumers to save for future medical expenses.
A.M. Hyers has been working in the insurance and investment industry for over ten years. He owns and operates Hyers and Associates, Inc. an independent insurance agency doing business in Arizona, California, Florida, Georgia, Illinois, Indiana, Missouri, Ohio, Pennsylvania, and Tennessee. His agency offers individual, family, and employer sponsored group policies. They use the leading national insurance carriers to quote health insurance, health savings accounts, dental, vision plans, life, disability, and long term care plans.
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