2009 HSA Contribution Limits
HSA contributions are based on your insurance coverage and age. For 2009 the limits are:
- Single accounts (only one person covereed on the health insurance policy)—$3,000.00
- Family accounts ( multiple people covereed on the health insurance policy)—$5,950.00
- Additional contribution for account holders who attain age 55 by December 31, 2009—$1,000.00
Contribution tips:
You have until April 15 to finalize your prior year’s contribution.
You can make the full year’s contribution any time after January 1 of the tax year.
One Person has left comments on this post
If you have any part of Medicare you are not eligible to contribute to your own HSA. I’m not sure you can drop the Medicare – you may need to research that.
So while you will have a HDHP, you cannot contribute. HOWEVER, if your wife will be covered by your HDHP, SHE can open and fund the HSA and continue to use her tax-free HSA dollars to pay for your prescriptions. You are known as an ineligible individual in the HSA regs, which does not impact your wife’s ability to contribute. The fact that the insurance policy is in your name does not impact her ability to open the HSA.
You mentioned that the HSA only allows $1,000 on branded drugs – I don’t understand that, as you can use your HSA dollars on any drugs you choose. The HDHP insurance may have some limitations.