The IRS released Revenue Procedure 2011-32, which provides the adjusted limits for contributions to a Health Savings Account (“HSA”) as determined under Section 223 of the Internal Revenue Code, as well as the high deductible health plan (“HDHP”) minimums and maximums for calendar year 2012.
The 2012 limits are as follows:
Annual Contribution Limit
- Single Coverage: $3,100
- Family Coverage: $6,250
- Single Coverage: $1,200
- Family Coverage: $2,400
HDHP Maximum Annual Out-of-Pocket
- Single Coverage: $6,050
- Family Coverage: $12,100
The catch-up contribution for eligible individuals age 55 or older by year end remains at $1,000.
If you would like further information regarding this issue, feel free to contact Elizabeth Latchana directly at 517-377-0826 or by email at email@example.com.