HSA
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Who can have a Health Savings Account?
Any adult individual can contribute to a Health Savings Account if they:
- have coverage under a High Deductible Health Plan
- are not covered by any health plan that is not an HDHP (exceptions
exist for insurance that covers accidents, disability, dental care,
vision care, long-term care and other "permitted insurance.)
- are not enrolled in Medicare
- are not claimed as a dependent on someone else's tax return.
The Contribution and Deductible limits for 2011 remain the same as 2010 limits as announced by the IRS.
| 2010 HDHP Limits |
| Plan Coverage |
Self Only |
Family |
| Annual Deductible |
Not less than $1,200 |
$2,400 |
| Annual Deductible plus out-of-pocket expenses cannot exceed... |
$5,950 |
$11,900 |
The person who opens a Health Savings Account is called the HSA owner.
You, your employer, or both can make contributions to a Health
Savings Account.
The total amount you may contribute to an HSA for any taxable year is
dependent upon whether you have individual or family coverage under a
high deductible health plan (HDHP) as shown in the table below.
| 2010 HSA Contribution Limits |
| Plan Coverage |
Self Only |
Family |
| Annual Contribution |
$3,050 |
$6,150 |
In addition to the standard HSA contribution limits shown in the table,
if you have reached age 55 before the close of a taxable year, you may
also contribute an additional amount known as a "catch-up" contribution. The
catch-up contribution limit is $1000 for 2009 and later years.
If you make a contribution, you can deduct the contributions when
completing your federal income tax return.
Contributions to the HSA must stop once you are enrolled in Medicare. You
can, however, keep the money in your account and use it to pay for medical
expenses, tax-free.
The information on this page is provided by Ascensus, Inc
and the IRS, and is not intended as tax advice. Please consult a tax
professional.
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