What are the annual contribution limits?
Contribution limits are established based on IRS guidelines and are related to your health plan deductible. These limits will be updated each year by the federal government to account for inflation. • In 2009, the maximum annual contribution is $3,000 for individual and $5,950 for family. Rollover amounts from previous years and/or medical savings account or another HSA, do not count toward the maximum annual contribution. Additionally, those between the ages of 55 and 64 can contribute an additional $1000. • Additionally, those between the ages of 55 and 64 can contribute an additional $900 in 2008 above the maximum to their HSA. This “catch-up” allowance is scheduled to increase to $1000 for 2009 and beyond.
Federal law limits annual contributions. The amount allowed is subject to the HSA Limits for that year. The new limits will be published by the Treasury Department June 1st of the previous year. Prior to 2007, annual contribution maximum was limited to the lesser of the HDHP deductible or the statutory contributory amount.
