HSA for October 26, 2014

HSA Contribution Limits

HSAs are treated much like IRAs in that they are tax advantage accounts with specific contribution limits. These limits change each year and are typically based on the inflation rate of the previous year. Contributions for the calendar year can be made until April 15 of the following year.

All monies contributed to your Health Savings Account through your employer are not taxed at the time of deposit. This is referred to as “Pre Tax”. If you are self employed and have a HSA plan, your monies are above the line deductions on your federal tax return.

2012 HSA Contribution Limits

Every year the HSA Contribution Limits are reviewed and adjusted accordingly. The HSA Contribution Limits for 2012 were raised just over 1.6%. This results in an individual increase of about of about $50 to a total of $3,100. The family HSA contribution limits went up $100 to $6,250.00.

2012 HSA Contribution Limits and Past Years

Here is a table showing past HSA Contribution Limits.

Year Contribution Limit
(Single)
Contribution Limit
(Family)
Additional Catch-Up Contribution
(55 or older) (Single and Family)
2004 $2,600 $5,150 $500
2005 $2,650 $5,250 $600
2006 $2,700 $5,450 $700
2007 $2,850 $5,650 $800
2008 $2,900 $5,800 $900
2009 $3,000 $5,950 $1000
2010 $3,050 $6,150 $1000
2011 $3,050 $6,150 $1000
2012 $3,100 $6,250 $1000