The IRS released the 2011 inflation adjusted amounts for Health Savings Accounts. The amounts remain unchanged from 2010.
The annual contribution limits for 2011 are:
- Limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,050.
- Limitation on deductions for an individual with family coverage under a high deductible health plan is $6,150.
A "high deductible health plan" is defined as a health plan with an annual deductible that is not less than $1,200 for self-only coverage or $2,400 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts but not premiums) do not exceed $5,950 for self-only coverage or $11,900 for family coverage.
Click here to read Revenue Procedure 2010-22.
