News

Posted on 05/16/08 by Cowden Associates, Inc.

The U.S. Treasury Department updates health savings account (HSA) contribution limits:

The Treasury and IRS have released the 2009 inflation adjusted amounts for Health Savings Accounts under Code Sec. 223(g). For calendar year 2009, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,000 ($5,950 for an individual with family coverage). A "high deductible health plan" is defined under Code Sec. 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,150 for self-only coverage or $2,300 for family coverage and annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $5,800 for self-only coverage or $11,600 for family coverage.

Treasury Department News Release, TDNR HP-975, 2008FED ¶46,431
Rev. Proc. 2008-29, 2008FED ¶46,432

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