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Archive for the ‘Misc.’ Category

2011 HSA Contribution Limits


Posted on June 1st, 2010 by WPJ

The IRS has just released Revenue Procedure 2010-22 which provides the inflation adjusted amounts for Health Savings Accounts effective for calendar year 2011. According to the IRS, the amounts for 2011 are the same as the amounts for 2010. The annual contribution limit for 2011 for an individual with self-only coverage under a high deductible [...]

Who is eligible to open and contribute to an HSA?


Posted on August 11th, 2009 by WPJ

To open or contribute to an HSA you must meet certain eligibility requirements. Specifically:

You must be covered by a qualified high deductible health plan on the first day of the month
You cannot be covered by any other health plan that is not a qualified high deductible health plan, including spouse’s health insurance
You cannot be covered [...]

2009 HSA Contribution Limits


Posted on December 29th, 2008 by WPJ

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 [...]

May someone age 65 or older contribute to an HSA?


Posted on December 12th, 2008 by WPJ

In Administrative, Procedural, and Miscellaneous Notice 2004-50, the IRS addresses this question. See Questions 2 and 4, excerpted below:
 Q-2. May an otherwise eligible individual who is eligible for Medicare, but not enrolled in Medicare Part A or Part B, contribute to an HSA?
 A-2. Yes. Section 223(b)(7) states that an individual ceases to be an eligible individual [...]

Questions about Vanguard Money Market Fund


Posted on December 3rd, 2008 by WPJ

Some of our account holders have asked about the security of their HSA money invested in the Vanguard Prime Money Market Fund. Vanguard has issued a statement confirming their continued participation in the Treasury Guarantee Program. You can get details by following the link below:
Vanguard money market funds participate in extension of Treasury Guarantee Program