HSAs give you two valuable money-saving options. First, you can lower your medical
insurance costs with the program's special high-deductible health insurance plans. Secondly,
you'll save money on your taxes because contributions to your HSA are tax-deductible
and all money in your HSA grows tax-deferred.
You may contribute up to the maximum amount allowed by the IRS into your HSA each year. That
means an individual can contribute up to $3,050 and a family can contribute
up to $6,150 for 2010. There is a $1,000 catch-up contribution allowed for those
over the age of 55.
Here are two examples:
Dr. John Smith has opened an HSA program for just himself. He chose a $2,700 deductible
for his individual high-deductible health insurance plan. This year, he contributed the full $3,050 allowed to his HSA. Dr. Smith's tax deduction would
be $3,050 (plus health
insurance premiums if Dr. Smith owns the practice).
Dr. Amy Miller has protected her entire family of four through an HSA program. She
selected a $5,000 deductible for her high-deductible health insurance plan. This year, she contributed $6,150 to her HSA account. Her tax
deduction will be $6,150
(plus health insurance premiums if Dr. Miller owns the practice).
Individual
HSA Coverage
Minimum Plan Deductible
Deductible must be at least $1,200
Maximum HSA Contribution
Each Year
Up to $3,050
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Family
HSA Coverage
Minimum Plan Deductible
Deductible must be at least $2,400. No benefits may be payable from the plan
until the family deductible is met.
Maximum HSA Contribution
Each Year
Up to $6,150
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Please consult with your tax adviser for specific advice.
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