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Wednesday, April 7, 2010

Your HDHP and HSA in Tax Year 2010

If you have a plan that qualifies to open up a Health Savings Account and have not yet done so- then what are you waiting for? The design of the plans allows for consumers to deposit money into the savings account TAX FREE when used for qualified services! Check the IRS.gov website for the list of qualified medical expenses for the tax year in question. Because the contributions and determination of a qualified service is designated and regulated by the IRS, we advise and recommend all consumers to refer to their CPA's and to the IRS.gov website for all tax related questions. We are not tax advisers. We do however enroll our clients on HDHP's(High Deductible Health Plans) that qualify for these type of accounts and for Tax Year 2010 the following increases to contributions and deductibles are listed here as found on the IRS website.

  • Tax Year 2010 Individual contribution to a HSA is; $3050, and for a family account the amount is; $6150. (As you can see from prior post the contributions have increased this Tax year by $50 for an individual and $200 for a family.)

Qualified HDHP for Tax Year 2010 have the following minimum and maximum deductibles:

  • Individual minimum deductible is; $1200 and the maximum deductible is; $5950
  • Family minimum deductible is; $2400 and the maximum deductible is; $11,900

For those over the age of 55 you are able to make additional "catch up" contributions, please ask your tax advisor about this opportunity!

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