IRS 2011 HSA Contribution Limits

The 2011 annual contribution limit on deductions for HSA (Health Savings Account) contributions will remain unchanged from the limits imposed in 2010.
 
During the 2011 calendar year the definition of a HDHP (High Deductible Health Plan), which must be used in conjunction with HSAs, is as follows:
 
$3,050 can be saved by individuals / $6,150 for families.  If the HSA holder is 55+ years of age an additional savings of $1,000 can be deducted from Gross Income when filing your 2011 taxes.  In this situation a total combined savings of up to $4,050 for individuals or $7,150 for families could be claimed as yearend tax deductions.

IRS 2011 HSA Deductible Limits
 
$5,950 is the maximum annual out of pocket expense for self-only coverage, while the maximum family coverage limit is $11,900. Out of pocket exposes include co-payments, deductibles, and other amounts which are not premiums. $1,200 annual deductible minimums are in place for self only coverage, and a minimal $2,400 deduction for family coverage.

IRS 2011 Qualified Medical Expense

Additionally, please be aware that OTC (Over The Counter) medications no longer qualify as medical expenses.

For further information regarding IRS qualified medical expenses, please visit their website through the link below:

IRS Qualified Medical Expenses Web Directory

Alternatively, click here to download the information in a PDF document.

These limits can be confusing & tricky, so please call PMG Agency to speak with an expert for further clarification about 2011 HSA contribution limits today at 866.764.2204!