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 with self-only coverage may contribute up to $3,000 for 2009, compared to the contribution limit of $2,900 for 2008.
- An individual with family coverage may contribute up to $5,950 for 2009, as compared to the contribution limit of $5,800 for 2008.
- Individuals who are 55 years of age or older may make an additional catch-up contribution of $1,000 for 2009, compared with a catch-up contribution of $900 allowed in 2008.
- For 2009, the Treasury Department in Revenue Procedure 2008-29 defines a high-deductible health plan as "a health plan with an 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 (deductible, co-payments, and other amounts, but not premiums) 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.