The U.S. Department of Treasury/IRS Issues New HSA Amounts for 2009

Americans can expect higher Health Savings Account contribution limits for 2009. The Treasury Department and Internal Revenue Service recently issued maximum contribution numbers for HSAs and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) beginning in 2009.

Please be aware of the following changes for HSAs:

• An individual may contribute up to $3,000 annually for 2009, compared to the contribution limit of $2,900 for 2008.
• A family may contribute up to $5,950 annually for 2009, an increase from $5,600 in 2008.
• Individuals that are 55 or older may contribute an additional catch up contribution of $1,000 for 2009, which will continue to increase by $1,000 for the years after. Previously the catch up contribution was $900 for 2008, increasing by $100 for years before.
• The Treasury defines a 2009 high-deductible plan as a “health plan with annual deductible that is not less than $1,150 for self-only coverage or $2,300 for family coverage, and the annual out-of-pocket expenses do not exceed $5,800 for self-only coverage or $11,600 for family coverage.” 

 

For more information about the 2009 HSA contribution limits please visit http://www.ustreas.gov/press/releases/hp975.htm or contact an Equity Trust self-directed Retirement Specialist at 1.888.382.4727.