New Health Savings Account (HSA) Limits Announced for 2012

The IRS has just released Revenue Procedure 2011-32 which provides information on the limits for HSA plans for 2012. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,100. The deduction limitation for an individual with family coverage will be $6,250. These both represent small increases over the limits for 2011.

In order for a plan to be considered a “High Deductible Health Plan” for 2012, the deductible for self-only coverage must be at least $1,200 and $2,400 for family coverage. These minimums have not changed from 2011. The maximum out of pocket expenses may not exceed $6,050 for self-only coverage and $12,100 for family coverage in 2012. dw