Health Savings Account

Eligibility Requirements

• Any individual who currently has a HIGH DEDUCTIBLE HEALTH PLAN (HDHP)

• May not be covered by any other health insurance

• Is not enrolled in Medicare

• May not be claimed as a dependent on someone else’s tax return. 

• Children may not establish their own HSA‘s

• Spouses may establish their own HSA’s if eligible

What is a High Deductible Health Plan (HDHP)?

• A health insurance plan with a minimum deductible of:

  • $1,200 (self-only coverage)
  • $2,400 (family coverage)
  • These amounts are indexed annually for inflation

   

• Annual out-of-pocket (including deductibles and co-pays) cannot exceed:

  • $5,950 (self-coverage only)
  • $11,900 (family coverage)
  • These amounts are indexed annually for inflation

• HSA Annual Contribution Limitation for calendar year 2010

  • $3,050 (self coverage only)
  • $6,150 (family coverage)
  • These amounts are indexed annually for inflation

• Individuals age 55 and older may also make additional “catch-up” contributions. The maximum annual catch up contributions are

  • $1,000 – 2009 and beyond
  • These amounts are indexed annually for inflation

• Where are HSA Health Insurance Plans Available*

• Any health insurance broker that sells health insurance coverage in your state may offer HDHP plans through the various insurance carriers

• HSA ‘s offer security, affordability, flexibility, savings, control, portability, and tax savings

• Additional information regarding tax implications, related IRS forms, and HSA publications may be found on the US Treasury web site at www.treas.govs

   

  * The above information is intended as a general overview and should be combined with a professional review of your individual needs to determine which plan and carrier would best suite you personally and financially