The IRS announced on May 24th that the 2011 limits for health savings accounts (HSAs) and for high-deductible health plans (HDHPs) will remain unchanged from 2010. Each year the IRS provides new inflation-adjusted limits for qualifying HSA contributions, deductibles, and out-of-pocket maximums. The IRS has determined that the change in inflation was not enough to alter the 2011 HSA contributions limits.

The maximum HSA contribution that can be made next year is $3,050 for single or self-only coverage and $6,150 for family coverage. In addition, the minimum deductible will stay at $1,200 for single coverage and $2,400 for family coverage. The maximum out-of-pocket employee expense, including deductibles, will stay at $5,950 for single coverage and $11,900 for family coverage. The catch-up contribution for those age 55 and older will also remain the same at $1,000.

2011 IRS Limits
 
Single Plan
Family Plan
Minimum Deductible
$1,200
$2,400
Maximum Out-of-Pocket
$5,950
$11,900
Maximum Contribution Limit
$3,050
$6,150
Catch-up Contribution (55+)
$1,000
$1,000

According to a survey performed by America’s Health Insurance Plans, a Washington-based trade group, as of January 1, about 10 million people were enrolled in high-deductible health insurance plans to which HSAs must be linked which is a 25 percent increase over the last year. This shows just how popular these accounts are becoming.

For further information click here to read the revised (June 7, 2010) Internal Revenue Bulletin: 2010-23.

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