New 2011 HSA Contribution Guidelines
Posted by Melissa C. on Tue, Jan 04, 2011 @ 02:30 PM
Qualifying high-deductible health plans coupled with a Health Savings Account (HSA) continue to offer big advantages to enrollees for 2011. High deductible health plans provide quality medical benefits and services at a low cost while an HSA provides big tax advantages. 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 2011 annual contribution limits remain the same as the 2010 limits. That means 2011 still 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 $3,050 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 deductibles and other amounts, but not premium) are $5,950 for individuals and $11,900 for families.
Ready to learn more about Celtic HSAs?
Celtic Insurance Company does not provide tax, investment or legal advice. Federal and state tax laws may change and are subject to interpretation. If tax, investment or legal advice is requested, consumers should seek the services of a licensed professional.