Earlier this week, the IRS released the inflation adjusted limits for Health Savings Accounts (HSA) for 2010.
The annual contribution limits have been increased to:
- $3,050 for those with self-only coverage
- $6,150 for those with family coverage
As in previous years, you must be covered under a High Deductible Health Plan (HDHP) to qualify to make an HSA contribution. The limits defining what qualifies as an HDHP have also been increased for 2010.
- Self-only coverage must have a deductible of at least $1,200
- Family coverage must have a deductible of at least $2,400
These updates for 2010 will allow you to shelter even more of your investment dollars from taxes since any contribution to an HSA counts as a full deduction at the end of the year. Add to this the ability to pay for nearly any medical expense with tax-free distributions from the account and you have an unbeatable combination.
With the ability to truly self-direct your HSA funds you can use your expertise to ensure that you never have to worry about any medical expenses. The HSA has the same ability to invest in alternative assets as your self-directed IRA.
If you’ve got questions about whether or not you qualify for an HSA or how it can benefit you, feel free to give us a call at 1-888-382-4727.
Filed under: Uncategorized on May 20th, 2009