The IRS issued Revenue Procedure 2011-32, providing the 2012 inflation-adjusted amounts applicable to health savings accounts (HSAs). As background, eligible individuals may make tax-deductible contributions to an HSA, subject to statutory limits. Employers and other individuals may make HSA contributions on an eligible individual's behalf. A person is an "eligible individual" if he or she is covered under a high-deductible health plan (HDHP) and is not covered under any other health plan that is not an HDHP, unless the other coverage is "permitted insurance."
Revenue Procedure 2011-32 makes the following changes for the 2012 calendar year:
- Annual Contribution Limit. The deduction limit for an individual with self-only HDHP coverage is $3,100 (up from $3,050 for 2011), and the limit for an individual with family HDHP coverage is $6,250 (up from $6,150 for 2011).
- HDHP—Minimum Deductibles and Out-of-Pocket Maximum. An HDHP is defined as a health plan with an annual deductible that is at least $1,200 for self-only coverage (unchanged from 2011) or $2,400 for family coverage (unchanged from 2011). The annual out-of-pocket expenses (e.g., deductibles, co-payments and other amounts, but not premiums) cannot exceed $6,050 for self-only coverage (up from $5,950 for 2011) or $12,100 for family coverage (up from $11,900 for 2011).
Finally, the statutory "catch-up" contribution limit (for eligible individuals age 55 or older) remains at $1,000 for 2012.