2010 Health Savings Accounts Inflation Adjustments

written on May 20, 2009 by William Riccio

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May 15, 2009

Under Revenue Procedure 2009-29, the Internal Revenue Service has issued the following inflation adjusted amounts for Health Savings Account (HSA) effective for calendar year 2010:

1.  $3,050 - Annual Contribution Limit for Individual with Self-Only Coverage

2.  $6,150 - Annual Contribution Limit for Individual with Family Coverage

In order to qualify as a high deductible health plan for 2010 calendar year, the plan will need an annual deductible of:

1.  $1,200 - Self-Only Coverage

2.  $2,400 - Family Coverage

For 2010, annual out-of-pocket expenses must not exceed:

1.  $5,950 - Self-Only Coverage

2.  $11,900 - Family Coverage

Revenue Procedure 2009-29 can be found on the Internal Revenue Service website at www.IRS.gov.

Note: This article is current through the publication date.  No guarantees are made concerning the accuracy of the information after the publication date.

*****

William B. Riccio, CPA/CITP is a certified public accountant.  He is president of Riccio & Associates and can be reached at (216) 255-6913 or by e-mail at william@ohiocpa.net.