Individual Health Insurance

New 2010 HSA Contribution Guidelines

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Here's another great fact about HSA programs - you can make your annual contribution into the account at any time throughout the year.  Many people contribute on a monthly basis to make it easy for budgeting purposes. However, if you just enrolled in November in a high deductible health plan you can still make the entire year's worth of contributions into your account and enjoy all the tax advantages that go along with having an HSA. (You must have coverage in place by Dec. 1 and remain covered through the following year.)

2010 provides individuals and families even greater opportunities to save for current and future health care expenses with new contribution amounts, deductibles and out-of-pocket maximums. In 2010:

• Individuals with an HSA program can contribute $3,050 and families can contribute $6,150 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 $5,950 for individuals and $11,900 for families.

Remember, all the money you contribute into your HSA is tax deductible from your gross income and grows tax deferred. For more information on HSAs, visit the Celtic HSA Resource Center.