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| Health Savings Accounts (HSA's) |
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A health savings account allows you to save money for future medical expenses.
Any adult can have an HSA if they:
- Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
- Have no other first-dollar medical coverage
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return.
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IRS Requirements for 2010-2011
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Single Plan
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Family Plan
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Minimum Deductible
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$1,200
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$2,400
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Maximum Out-of-Pocket
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$5,950
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$11,900
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Contribution Limit
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$3,050
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$6,150
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Catch-Up Contribution (55 or older)*
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$1,000
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$1,000
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* If a spouse is also 55 or older, a second HSA may be established and a second catch-up contribution of $1000 may be made to that account if desired.
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| Other resources: US Treasury Website
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