| Health Savings Accounts
(HSAs) IRS Announces 2009 Amounts
Rev. Proc. 2008-29
Like many other tax
provisions, the HAS rules include amounts that
are adjusted annually for inflation.
Because of the Tax Relief and Health Care Act of
2006, HAS adjustments are now announced earlier
than others, giving employers and health plans
sufficient time to incorporate the changes before
the annual benefits enrollment season arrives in
the fall. Thus, the IRS recently announced
the 2009 HAS inflation adjusted amounts, which
are as follows:
|
2009
|
2008
|
Self-only
Coverage:
|
|
|
| Contribution
limit |
$3,000 |
$2,900 |
| Plan
min. deductible |
1,150 |
1,100 |
| Plan
out-of-pocket limit |
5,800 |
5,600 |
Family
Coverage
|
|
|
| Contribution
limit |
$5,950 |
$5,800 |
| Plan
min. deductible |
2,300 |
2,200 |
| Plan
out-of-pocket limit |
11,600 |
11,200 |
GAO report
on HSAs. As the 2009 amounts were
released, the Government Accountability Office
(GAO) issued a report to Congress on various
aspects of the HSA program. Highlights of
the report include:
- The
number of individuals covered by HSAs has
increased significantly from about
438,000 in 2004 to about 6.1 million in
2008.
- Many
individuals eligible to open an HSA do
not. From 2005 to 2007, 42-49% of
high deductible health plan enrollees
reported that they had not opened an
HSA. 20-24% said they did not plan
to open one because they didn’t
think they needed it, or they couldn’t
afford it.
- In
2005, the average AGI of taxpayers with
HSA activity was $139,000, compared to
$57,000 for other filers.
Congress continues to debate the impact high
deductible health plans and HSAs are having on
individuals’ ability to afford health
care. Some claim they shift the risk of
health care from employers and insurers to
individuals who cannot afford it. On the
other hand, some claim they have enables many
small businesses to offer their employees health
care that otherwise would not have been
available.
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