2009 Health Savings Account (HSA) Contribution Limits Announced by the IRS

May 21st, 2008

The IRS released Revenue Procedure 2008-29 on May 13th.  This Revenue Procedure details the 2009 inflation adjusted amounts allowed for Health Savings Accounts under Internal Revenue (Code) Section 223(g).  

For calendar year 2009, the annual limitation on deductions is:

  • $3,000 for self-only coverage, or
  • $5,950 for family coverage

HSAs are used in conjunction with High Deductible Health Plans (HDHPs) which are defined under Code Section 223(c)(2)(A).  For the 2009 calendar year, a HDHP is defined 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 (including deductibles, co-payments and other amounts not including premiums) that do not exceed:
    • $5,800 for self-only coverage, or
    • $11,600 for family coverage

Additionally, the catch-up contribution for those individuals over age 55 is $1,000.  If both spouses are over 55 the catch-up contribution is $2,000.

HSAs have become increasingly popular for individuals and employers as a way to plan for and control healthcare costs.  The numbers of individuals covered under these health plans – High Deductible Health Plans with Health Reimbursement Arrangements – has rapidly increased.  The Government Accountability Office in Washington estimates that 4.5 million people were covered under HSAs in 2007 as opposed to an estimate of a little over 400,000 in 2004. 

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