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Health Savings Accounts (HSA's)

Any adult can have an HSA if they:

 

-          Have coverage under an HSA-qualified "high deductible health plan" (HDHP)

-          Have no other first-dollar medical coverage

-          Are not enrolled in Medicare

-          Cannot be claimed as a dependent on someone else's tax return.

IRS Requirements for 2010
	Single Plan	Family Plan
Minimum Deductible	$1,200	$2,400
Maximum Out-of-Pocket	$5,950	$11,900
Contribution Limit	$3,050	$6,150
Catch-Up Contribution (55 or older)*	$1,000	$1,000
* If a spouse is also 55 or older, a second HSA may be established and a second catch-up contribution of $1000 may be made to that account if desired.

 

 

 

Other resources: US Treasury Website

http://www.treas.gov/offices/public-affairs/hsa/