2010 Contribution Limits

The IRS issued guidance outlining the maximum annual contributions for Health Savings Accounts (HSAs) for calendar year 2010.

Before, the maximum contribution was calculated as the lesser of the deductible of the accompanying high deductible health plan or the indexed statutory amount.  However, the Health Opportunity Patient Empowerment Act of 2006 specified that the maximum annual contribution is the indexed statutory amount for taxable years beginning after December 31, 2006. 

Contribution Limits
2010 Individual Contribution Limit - $3,050
2010 Family Contribution Limit - $6,150

Minimum Annual Deductible
2010 Individual Minimum Annual Deductible - $1,200
2010 Family Minimum Annual Deductible - $2,400

Maximum Out-of-Pocket Expenses
2010 Individual Maximum Out-of-Pocket Expense - $5,950
2010 Family Maximum Out-of-Pocket Expense - $11,900

Catch Up Contributions
Individuals age 55 and older, who are covered by a HDHP, can make additional contributions, known as 'Catch Up' contributions, each year until he/she enrolls in Medicare.  The additional catch up contributions allowed are as follows:

2010 Maximum Catch Up Amount is $1,000*
*If a spouse is also 55 or older, a second HSA must be opened and a second contribution of $1,000 could be made to that account.