Health Savings Accounts-2012 Indexed Amounts

Medical inflation continues to rise, so the IRS has rolled out 2012 Inflation adjustments for HSA Health Savings Account.  Maximum allowable 2012 contributions for HSA’s are raised to $3100 (individual), and $6250 for family.  Accordingly, out of pocket maximums for HSA qualified health plans have also risen. Visit our HSA Education page for 2011 contribution information.

 

Health Savings Accounts – 2012 Indexed Amounts (U.S. Department of the Treasury)
5/16/2011
Part III
Administrative, Procedural, and Miscellaneous
26 CFR 601.602: Tax forms and instructions.
(Also: Part 1, §§ 1, 223.)
Rev. Proc. 2011-32

SECTION 1. PURPOSE
This revenue procedure provides the 2012 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code.

SECTION 2. 2012 INFLATION ADJUSTED ITEMS
Annual contribution limitation. For calendar year 2012, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,100. For calendar year 2012, the annual limitation on deductions under § 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $6,250.

High deductible health plan. For calendar year 2012, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,200 (no change from calendar year 2011) for self-only coverage or $2,400 (no change from calendar year 2011) for family coverage, and the annual out-of pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,050 for self-only coverage or $12,100 for family coverage.

SECTION 3. EFFECTIVE DATE
This revenue procedure is effective for calendar year 2012.

SECTION 4. DRAFTING INFORMATION
The principal author of this revenue procedure is Bill Ruane of the Office of
Associate Chief Counsel (Income Tax & Accounting). For further information regarding § 223 and HSAs, contact Leslie Paul at (202) 622-6080 (not a toll free call). For further information regarding the calculation of the inflation adjustments in this revenue procedure, contact Mr. Ruane at (202) 622-4920 (not a toll free call).

 

Leave a Reply

Your email address will not be published. Required fields are marked *