2011 Health Savings Accounts Inflation Adjustments

written on May 25, 2010 by William Riccio

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May 25, 2010

Under Revenue Procedure 2010-22, the Internal Revenue Service has issued the following inflation adjusted amounts for Health Savings Account (HSA) effective for calendar year 2011:

a. $3,050 - Annual Contribution Limit for Individual with Self-Only Coverage
b. $6,150 – Annual Contribution Limit for Individual with Family Coverage

In order to qualify as a high deductible health plan for 2011 calendar year, the plan will need an annual deductible of:
a. $1,200 – Self-Only Coverage
b. $2,400 – Family Coverage

For 2011, annual out-of-pocket expenses must not exceed:
a. $5,950 – Self-Only Coverage
b. $11,900 – Family Coverage

Revenue Procedure 2010-22 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