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There is a continued concern about rising healthcare costs. Employers and consumers are looking for lower cost health coverage, more control over their healthcare expenditures, and an increased choice among doctors and hospitals. Health Savings Accounts are one of the many product options responding to these needs. Health Savings Accounts are becoming a popular tax favored insurance, banking and investment solution for the industry today.
Health Savings Accounts provide sophisticated financial planning to healthcare management so that an individual can prepare for future medical costs the way that they now plan for their retirement expenses.
Your eligibility to contribute to an HSA is determined by the effective date of your HDHP coverage. If you do not have HDHP coverage for the entire year, you are allowed to make the maximum contribution.
| Contribution Limits for HSA | 2009 | 2010 |
| Individuals | $3,000 | $3,050 |
| Families | $5,950 | $6,150 |
| Healthcare Catch Up Contributions |
| Available to individuals and their spouses over the age of 55 and who are not enrolled in Medicare. |
$900 |
$1,000 |
|