Many employers offer Health Savings Accounts (HSAs) to their employees as one option for them to pay for their health-care needs. These accounts allow employees to use pretax earnings to pay for qualified medical expenses. There are, however, some limitations on the use of HSAs. First, they are only available to individuals who participate in plans that meet the IRS definition of a high-deductible health plan. In addition, there is a yearly limit on the amount that an employee may contribute to an HSA. Each year, the IRS adjusts the amounts for these two limitations, and the IRS recently set these amounts for the 2010 calendar year:
| High-Deductible Health Plan | Individual | Family |
| Minimum Deductible (not less than) | $1,200 | $2,400 |
| Maximum Out-of-Pocket Expenses (excluding premiums) | $5,950 | $11,900 |
| Annual Contribution Limitation: | Individual | Family |
| $3,050 | $6,150 |
The IRS guidance establishing these new amounts can be found here.
If you have any questions regarding HSAs, please contact Jeff Storch, Andrew DeClercq, or current Boardman Attorney.
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