2012 HSA Contribution Limits
Each year the HSA Contribution Limits are revised (or remain unchanged) based on the
inflation rate of the previous year. This year the HSA Contribution Limits were raised about 1.63%
based on the rise of the Consumer Price Index (CPI) in the previous year. This means that the
contribution limit for an individual increased $50 to $3,100 and the limit for families
increased $100 to $6,250. The catch-up provision for those age 55+ remains at
$1000.
2011 HSA Contribution Limits
Since inflation was flat in 2009-2010 due to the severity of the recession the
contribution limits remain unchanged from 2010.
These are $3050 for a
single person and $6150 for a family. The catch up provision which allows
someone over the age of 55 to set aside some extra money remains at $1000. So this
means that a single person over 55 can contribute $4050 and a family where the owner is 55+ can contribute
$7150. Contributions for the 2011 calendar year can be made until April 15,
2012.
HSA Contribution Limits 2011 and Historical Contribution Limits.
This table shows all the
changes in limits that have occurred since 2004.
|
Year |
Contribution Limit
(Single) |
Contribution Limit
(Family) |
Additional Catch-Up Contribution
(55 or older) (Single and Family) |
|
2004 |
$2,600 |
$5,150 |
$500 |
|
2005 |
$2,650 |
$5,250 |
$600 |
|
2006 |
$2,700 |
$5,450 |
$700 |
|
2007 |
$2,850 |
$5,650 |
$800 |
|
2008 |
$2,900 |
$5,800 |
$900 |
|
2009 |
$3,000 |
$5,950 |
$1,000 |
|
2010 |
$3,050 |
$6,150 |
$1,000 |
|
2011 |
$3,050 |
$6,150 |
$1,000 |
|
2012 |
$3,100 |
$6,250 |
$1,000 |
Important: Money that is not used during a calendar year in your HSA account rolls over to
the following year, so this means your account balance can grow over time. Therefore if you are already making the
maximum IRA or 401k contributions an HSA is another way to make a tax deductible contribution and allow the money
to grow tax deferred, even if you don't necessarily need it to cover medical expenses.
Money withdrawn for non-medical reasons is subject to income tax in addition to a 10% penalty, similar to other
IRA accounts. If you become disabled or reach age 65 the penalty no longer exists but you still have to pay income
tax on the money.
Since the HSA is a tax advantaged account it is
subject to contribution limits similar to Individual Retirement Accounts. The money you contribute to your
HSA through your employer is not subject to federal tax at the time of deposit (Pre-Tax Dollars). If you
are self-employed the dollars contributed are an "above the line" deduction on your taxes.
HSA Contribution Limits For 2012
HSA Contribution Limits For
2011
HSA Contribution Limits For 2010
HSA Contribution Limits For
2009
HSA Contribution Limits For 2008
HSA Contribution Limits For
2007
HSA Contribution Limits For 2006
HSA Contribution Limits For
2005
HSA Contribution Limits For 2004
Information Source: IRS Bulletin
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