Big News from the US Treasury Department & IRS

HSA Limits Set for 2011

Big news today from the US Treasury Department and IRS! They issued new guidance on the 2011 maximum contribution levels for health savings accounts (HSAs) and out of pocket spending limits for high deductible health plans (HDHPs) used in conjunction with HSAs.

The dollar levels remain the same in 2011 as those set for 2010. Specifically, for 2011:

 The maximum annual HSA contribution for individuals is $3,050 and $6,150 for families.

 Catch up contributions for those age 55 plus remains at $1,000 annually.

Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.  

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 The maximum annual out-of-pocket limits for individuals is $5,950 and for families is $11,900.



 In 2011, the minimum deductible for HDHPs is $1,200 for individuals and $2,400 for families.