The maximum allowed annual contribution is indexed each year by the government and is normally announced in the 2nd quarter of the current year for the next year. The limits for 2009 were posted on May 13, 2008 and are quoted below.
2007 Annual Contribution Levels for HSAs:
Single (self-only) coverage $2,850 and Family coverage $5,650
Catch-up contribution for accountholders is $800 in 2007. Catch-up Contributions are allowed for an accountholder who is at least 55 years of age and is not enrolled in Medicare.
2008 Annual Contribution Levels for HSAs:
Single (self-only) coverage $2,900 and Family coverage will be $5,800
Catch-up contribution is $900 in 2008.
2009 Annual Contribution Levels for HSAs:
- For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
- For family coverage, the maximum annual HSA contribution is $5,950.
- Catch up contribution for individual who are 55 or older is increased by statute to $1,000 for 2009 and all years going forward.
- Individuals who are eligible individuals 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 contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year. For individuals who are no longer eligible individuals on that date, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an eligible individual.
Amounts for Out-of-Pocket Spending on HSA-Compatible HDHPs:
For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600. Additionally, the maximum out-of-pocket expense—including deductibles—that employees with single coverage can be required to pay will rise to $5,600 next year, up from $5,500 in 2007, and to $11,200 for employees with family coverage.