IRS Issues 2009 Index Amounts for Health Savings Accounts
- The new 2009 maximum annual HSA contribution has been raised to $3000 for individuals with self-only coverage and to $5950 for family coverage. Catch-up contributions for individuals 55 or older have been increased by statute to $1000 annually for 2009 and all years going forward.
- Individuals eligible on the first day of the last month of the taxable year are allowed full annual contributions (plus eligible catch-up contributions) to their HSA. For individuals who lose eligibility during the course of the tax year, contributions are pro-rated based on the number of months the individual remained eligible.
- New out-of-pocket limits for individual coverage increase to $5800 for individuals and $11,600 for families, and minimum deductibles increase to $1150 for individuals and $2300 for families.
- For more details from the IRS, click here.