IRS Issues HSA Limits for 2010
The IRS recently posted Revenue Procedure 2009-29, which adjusts three major amounts for administration of Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) in 2010. Based on cost-of-living adjustments, the 2010 limits are as follows:
HSA Contribution Limits
- HSA participants with self-only coverage under a HDHP may contribute $3,050 to their HSA (increased from $3,000 in 2009).
- HSA participants with family coverage under a HDHP may contribute $6,150 (increased from $5,950 in 2009).
NOTE: The annual catch-up contribution limit for HSA-eligible individuals age 55 or older remains at $1,000 for 2010.
Minimum HDHP Annual Deductibles
- Self-only coverage is $1,200 (increased from $1,150 in 2009).
- Family coverage is $2,400 (increased from $2,300 in 2009).
Out-of-Pocket Spending Maximums for HDHPs
- The maximum annual out-of-pocket amount for HDHP self-only coverage is $5,950 (increased from $5,800 in 2009).
- The maximum annual out-of-pocket amount for HDHP family coverage is $11,900 (increased from $11,600 in 2009).
You can access a copy of the Revenue Procedure by clicking here. Should you have additional questions regarding these new limits, please contact our office at (919) 403-1986.
Important Notice: Hill, Chesson & Woody does not engage in the practice of law, accounting, or medicine. Therefore, the contents of this communication should not be regarded as a substitute for legal, tax, or medical advice.
June 23, 2009
Hill, Chesson & Woody Employee Benefit Services
194 Finley Golf Course Rd, Suite 200,
Chapel Hill, NC 27517
Phone: 919.403.1986
Fax: 919.869.2063
www.hcwbenefits.com