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Health Savings Accounts
Health Savings Account qualified plans are approximately 40% of the new health insurance plans written this year. Many people are starting them as a way to prepare for their retirement savings accounts in lieu of an IRA or to save up tax-free funds to pay for orthodonics and/or other medical related expenses. Others like them simply because of the low premium and improved catastrophic coverage. HSA Problem Solved is a useful brochure to learn more about the plan and how it may work for you.
Here is the list of HSA medically eligible expenses. You may request a prescription from your doctor to make the over the counter medicine an eligible expense.
The Internal Revenue Service has issued Revenue Procedure 2010-22, announcing the indexed high deductible health plan (HDHP) and health savings account (HSA) amounts for 2011. (The amounts are unchanged from 2010.)
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Self |
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Family |
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Minimum Deductible |
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$1,200 |
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$ 2,400 |
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Maximum Out-of-Pocket |
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$5,950 |
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$11,900 |
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Maximum HSA Contribution |
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$3,050 |
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$ 6,150 |
The catch-up contribution limit for individuals age 55 or older remains $1,000 in 2011 & 2012.
The Internal Revenue Service Revenue Procedure 2011-32 has released the
2012 HSA Contribtion Limits as follows:
Individual - $3,100
Family - $6,250
Minimum Deductibles remain the same as 2011.
Maximum Out of Pocket on Health Insurance Policy
Individual - $6,050
Family - $12,100
The minimum in-network deductible, maximum in-network out-of-pocket limit and maximum HSA contribution are indexed by the cost of living rounded to the nearest $50 annually.
The savings portion is not a required feature of the insurance plan.
Please contact us with any questions you may have about Health Savings Accounts via email to kinzie@glibrokers.com or by calling 616-656-5555.
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