2012 Health Savings Account (HSA) Contribution Limits
What are the IRS annual maximum contribution amounts for 2012?
For 2012, the annual statutory maximum HSA contribution limits allowed by the Internal Revenue Service (IRS) are:
- Self-only coverage: $3,100 (personal and company contributions combined)
- Family coverage: $6,250 (personal and company contributions combined)
- Catch-up contribution: $1,000 per individual (for individuals who are age 55 or older and eligible to contribute to an HSA)
If married individuals participate in two HSA-qualified "high deductible health plans" (HDHPs) and either spouse has family HDHP coverage, the HSA family coverage contribution limit of $6,250 is a joint limit, to be divided between the married couple if they are both HSA eligible. Each person may also contribute the catch up contribution to their individual HSA if eligible.
If married individuals participate in two self-only HSA-qualified HDHPs and are HSA eligible, they may contribute to their own HSA with a maximum contribution limit of $3,100 each. Each person may also contribute the catch up contribution to their individual HSA if eligible.
If you are 55 years of age or older, you can make additional catch-up contributions, up to $1000 in 2012. If you have a spouse who is 55 years of age or older and eligible to open an HSA, he/she can also make additional catch-up contributions, up to $1000 in 2012. Individuals wishing to make catch-up contributions must have their own HSA account.
You can change your HSA contribution through payroll deduction at any time during the year by calling Deere Direct at 1-888-432-3373. For all other transactions, including personal contributions, please contact Fidelity Investments at 1-800-354-3427.
If you or your spouse have opted out of HDHP coverage, or have had a family to single status change, you may need to adjust your contribution. If you have contributed more than the limit in 2012, you can contact Fidelity at 1-800-354-3427 to withdraw excess contributions prior to filing your 2012 taxes.