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IRS Sets 2010 HSA Contribution Limits
The annual contribution limit on deductions for health savings accounts (HSAs) will increase $50 to $3,050 in calendar year 2010 for an eligible individual with self-only coverage and jump $200 to $6,150 for family coverage, the Internal Revenue Service (IRS) recently announced [Rev. Proc. 2009-29].
For calendar year 2010, a high deductible health plan (HDHP), which must be used in conjunction with HSAs, is defined as having:
An annual deductible of at least $1,200 for self-only coverage or $2,400 for family coverage (compared to $1,150 and $2,300, respectively, last year); and
Annual out-of-pocket expenses (e.g., deductibles, co-payment, and other amounts, but no premiums) up to $5,950 for self-only coverage or $11,900 for family coverage (compared to $5,800 and $11,600, respectively, last year).
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