HSA for April 24, 2014

Health Savings Account Rules 2011

Health savings account rules updated as of year 2011The Contribution levels for Health Savings Accounts (HSA) have changed from 2010. Below is a list of the Index Amounts Contribution Levels for your HSA Plan.

Individuals with Self Only Coverage:
In 2011 the limit on your annual deduction under section 223(b)(2)(A) with a high deductible health plan is $3,050

Individuals with Family Coverage:
In 2011 the limit on your annual deduction under section 223(b)(2)(A) with a high deductible health plan is $6,150

What defines a High deductible health plan?
To qualify for a High deductible health plan as stated in section 223(c)(2)(A), you must meet these two criteria:

1. Your health plan must have an annual deducible no less then $1,200 for individual coverage and no less the $2,400 for family coverage.
2. All expenses other than insurance premiums can not exceed $5,950 for individual coverage or $11,900 for family coverage. Examples of other expenses are things like co payments, deductible payments and any other out of pocket expenses.