HSA 2012 Contributuion Guidelines
Posted by Melissa C. on Mon, Jan 30, 2012 @ 01:09 PM
One of the better innovations of consumer driven health care is the qualifying high-deductible health plan coupled with a Health Savings Account (HSA). It provides consumers low-cost major medical coverage with more control over their health care expenses.
And it continues to offers big advantages to enrollees for 2012. For individuals making post-tax contributions you can reduce your taxable income by the amount you contribute to your HSA. Plus, the interest on your HSA funds grows tax deferred!
There are a number of advantages to having a HSA, including the ability for funds to accumulate year after year. The 2012 annual contribution limits have increased slightly over 2011 limits. That means 2012 provides individuals and families a great opportunity to save for current and future health care expenses with the following contribution amounts, deductibles and out-of-pocket maximums:
- Individuals with an HSA program can contribute $3,100 and families can contribute $6,250 into their accounts. HSA holders age 55 and older can contribute an extra $1,000 for the year.
- The minimum annual deductibles are $1,200 for individuals and $2,400 for families.
- The annual out-of–pocket maximums (including copays, deductibles and other amounts, but not premium) are $6,050 for individuals and $12,100 for families.
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