Contributed by Jon Grossman & Jo-Anne Mineweaser
The Internal Revenue Service (IRS) announced the 2011 inflation adjusted amounts for health savings accounts (HSAs) in Revenue Procedure 2010-22.
Annual contribution limits for calendar year 2011 are unchanged from 2010 amounts:
- Deductions for an individual with self-only coverage under a high deductible health plan: $3,050
- Deductions for an individual with family coverage under a high deductible health plan: $6,150
High deductible health plans (for calendar year 2011):
A “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,200 for self-only coverage or $2,400 for family coverage, and the annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) do not exceed $5,950 for self-only coverage or $11,900 for family coverage.
Please contact Jon Grossman at 412.594.5574 or Jo-Anne Mineweaser at 412.594.3920 if you have any questions or for more information.