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Plan ahead! Congress has set the details for Health Savings Accounts for 2010.
Here are the details...
2010 Eligibility Requirements
To qualify for a Health Savings Account in 2010 you must be covered by a high-deductible health plan (HDHP). Generally, an HDHP is a health plan with:
- A deductible of at least $1,200 for single coverage
- A deductible of at least $2,400 for family coverage
- A maximum annual out-of-pocket expense limit for allowed costs, not exceeding $5,950 for single coverage
- A maximum annual out-of-pocket expense limit for allowed costs, not exceeding $11,900 for family coverage
Additionally, you must meet the following criteria:
- You must not also be covered by any other health plan other than another HDHP (with limited exceptions)
- You must not be eligible to be claimed as a dependent on another person's tax return
- You are not enrolled in Medicare
2010 Maximum Contribution Limits
The maximum contribution limits for Health Savings Accounts for the 2010 are the following:
- For single coverage, the annual contribution limit is $3,050
- For family coverage, the annual contribution limit is $6,150
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