HSAs for 2012
Published June 2011
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care insurance.
Participating employers can also contribute to accounts, on behalf of their employees.
Here are the 2012 limits for individual and family coverage, announced by the IRS in Revenue Procedure 2011-32. They are determined after the IRS applies cost-of-living adjustment rules, and the changes in the Consumer Price Index for the relevant period.
Health Savings Accounts | 2012 | 2011 |
Self-only coverage annual minimum deductible | $1,200 | $1,200 |
Self-only coverage maximum out of pocket | $6,050 | $5,950 |
Self-only coverage maximum HSA contribution | $3,100 | $3,050 |
Family coverage annual minimum deductible (Family coverage can include a spouse and any dependents) | $2,400 | $2,400 |
Family coverage maximum out of pocket | $12,100 | $11,900 |
Family coverage maximum HSA contribution | $6,250 | $6,150 |
For more information about HSAs, contact BASIC’s HSA Department:
Phone: 888-472-4001
Fax: 866-472-7672
hsa@dev.basiconline.com