Benefits & ERISA Law

Health Savings Account Limits Announced for 2009

By Suzanne Wynn

The IRS released Revenue Procedure 2008-29, containing the 2009 inflation adjusted amounts determined under Code section 223(g) for Health Savings Accounts (HSAs). For calendar year 2009, the annual limitation is $3,000 for deductions under Code section 223(b)(2)(A) for an individual with self-only coverage under a high deducitble health plan. For an indiviudal with family coverage under a high deductible health plan, the 2009 annual limitation is $5,950.

For calendar year 2009, a high deductible health plan is a health plan with an annual deductible that is no less than $1,150 for self-only coverage or $2,300 for family coverage, and the annual out-of-pocket expenses do not exceed $5,800 for self-only coverage or $11,600 for family coverage. Out of pocket expenses are deductibles, co-payments, and other amounts but not premiums.

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Full post as published by Pension Protection Act Blog on May 13, 2008 (boomark / email).