2009 HSA Maximums Announced

5/15/2008

The Treasury and IRS have released the 2009 inflation adjusted amounts for Health Savings Accounts under Code Sec. 223(g).

For calendar year 2009, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,000 ($5,950 for an individual with family coverage).

A "high deductible health plan" is defined under Code Sec. 223(c)(2)(A) 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 annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $5,800 for self-only coverage or $11,600 for family coverage.

Individuals age 55 and older who are covered by an HDHP can make additional catch-up contributions each year until they enroll in Medicare. The catch-up contribution allowed for 2009 and each year thereafter is $1,000.

If both spouses are eligible individuals and both spouses have established an HSA in their name, then each spouse may make a catch-up contribution to their respective HSAs. If only one spouse has an HSA in his or her name, only that spouse can make a catch-up contribution.

Categories: HSA