2012 HSA Contribution Limits

2012 HSA Contribution Limits

Single plan

Maximum contribution limit for a single plan is $3100 for 2012.  To qualify your plan has to have a deductible of $1,200 or more with a maximum out of pocket of no more than $6,050.  If you are over the age of 55 you are allowed to deposit an additional catch-up contribution amount of $1,000.

Family plan

Maximum contribution limit for a family plan is $6,250 for 2012.  To qualify your plan has to have a deductible of $2,400 or more with a maximum out of pocket of no more than $12,100.  If you are over the age of 55 you are allowed to deposit an additional catch-up contribution amount of $1,000.

HSA Health Plans

The IRS sets annual requirements for the minimum deductible and maximum out-of-pocket expense for HSA-compatible health plans. Verify with your health plan representative that your health plan is compatible. HSA-compatible Health Plans

Catch-up Contributions

Individuals age 55 and over can make catch-up contributions directly through Internet Banking or by mailing a personal check.

Excess Contribution Removal

If you exceed the maximum contribution amount for a given year, you can remove the excess funds by your tax filing deadline, typically April 15, without tax penalty. To remove an excess contribution, please complete the Excess Contribution Removal Form and mail it to HSA Bank.

If excess funds are not removed by your tax filing deadline, you may be subject to tax penalties and/or IRS fees.

Transfer or Rollover Funds to Your HSA

  • Unused FSA or HRA funds may be rolled into your HSA on a one-time basis. Please contact your employer for specific details.
  • A one-time rollover from an IRA to an HSA is allowed up to the annual HSA contribution maximum. Please contact your tax advisor to discuss the benefits and tax reporting requirements.