The IRS released the 2012 annual contribution limits for Health Savings Accounts:
- Limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,100 - up from $3,050 in 2011.
- Limitation on deductions for an individual with family coverage under a high deductible health plan is $6,250 - up from $6,200 in 2011.
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 $6,050 for self-only coverage or $12,100 for family coverage.
Click here to read Revenue Procedure 2011-32.
