HSAs for 2012

Published June 2011
 
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care insurance.  

 

Participating employers can also contribute to accounts, on behalf of their employees.

Here are the 2012 limits for individual and family coverage, announced by the IRS in Revenue Procedure 2011-32. They are determined after the IRS applies cost-of-living adjustment rules, and the changes in the Consumer Price Index for the relevant period.

Health Savings Accounts 2012 2011
Self-only coverage annual minimum deductible $1,200 $1,200
Self-only coverage maximum out of pocket $6,050 $5,950
Self-only coverage maximum HSA contribution $3,100 $3,050
Family coverage annual minimum deductible (Family coverage can include a spouse and any dependents) $2,400 $2,400
Family coverage maximum out of pocket $12,100 $11,900
Family coverage maximum HSA contribution $6,250 $6,150

For more information about HSAs, contact BASIC’s HSA Department:
Phone: 888-472-4001
Fax: 866-472-7672

hsa@basiconline HSAs for 2012