Health Savings Account (HSA Medical Insurance) 2009 Contribution Limits, Tax Savings, and More

Oak Park, CA (PressExposure) October 14, 2008 -- 2009 Health Savings Account Plans: If you are considering an HSA medical plan, & want to learn more, you are on the right track. HSAs allow individuals, families, and businesses (and their employees) to save significant amounts of money on taxes, health insurance premiums, & retirement savings all at the same time. And this all can be accomplished without decreasing your current health insurance protection or choices of doctors & specialists. Exercising your financial wisdom by taking a few minutes to become informed about Health Savings Accounts is a smart decision on your part.

This article announces & discusses the new 2009 annual contribution allowances for Health Savings Account insurance plans.

• For 2009, the maximum annual HSA contributions for an eligible individual with self-only coverage is $3,000.

• For family health coverage, the maximum annual HSA contributions is $5,950.

• Catch up contribution for individuals who are 55 years or older has been increased by law to $1,000 for 2009 & all years thereafter.

• Individuals who are eligible (meaning they have an HSA qualified high deductible insurance plan or HDHP) on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contributions, if 55 years of age or older by year end), regardless of the number of months the individual was eligible during the year. For individuals who are no longer eligible on that date, both the maximum HSA contributions and catch up contribution are pro-rated based on the number of months of the year that the taxpayer was eligible.

New Amounts for out-of-pocket spending on HSA-Compatible (HDHP)high deductible health insurance plans:

• For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increases to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600.

Minimum Deductible Amounts for HSA-Compatible HDHPs:

• For 2009, the minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage.

Additionally, a fiscal year plan that satisfies the requirements for a high deductible health insurance plan on the first day of the first month of its fiscal year may apply that deductible for the entire fiscal year. Please contact us for no cost advice & expert assistance. See our contact information below in the "about the author" section.

And despite what you possibly may have heard, HSAs are for virtually anyone, not only the wealthy, or just "older folks". Regardless of income level, if you pay for health insurance each month, you owe it to yourself to consider the benefits of an HSA health savings plan versus keeping the traditional health plan you are used to. Millions of folks and their families are missing out on the tremendous financial benefits that are so readily attainable RIGHT NOW. The benefits of health savings plans can literally transform the financial portfolio of people like YOU.


Andy Devore is a licensed insurance broker & Health Savings Account adviser at []. Andy does not charge any fees to advocate and consult with you. Unlike most insurance agencies, his company provides a comprehensive, zero cost policy review every single year in order to make sure you always are on the health savings plan that best fits your needs and budget (because health plans change often and also new ones come out frequently). We strive to keep you current. Also, the insurance carriers are partial only to their own company's plans. They do not perform an automatic market-wide, objective annual review. So it really is not a good idea nor does it save you money to purchase insurance directly from a carrier.

To speak with Andy or another expert advisor, you may visit us by clicking Health Savings Account [] or by calling us Toll Free 1-877-888-9771.

Press Release Source:

Press Release Submitted On: October 14, 2008 at 11:53 am
This article has been viewed 13073 time(s).