2012 H.S.A. Contribution Limits
2012 H.S.A. Contribution Limits: Single $3,100 / Family $6,250 / Catch-Up $1,000. (The IRS allows individuals over the age of 55 but under 65 and not enrolled in Medicare, to make a 'catch-up' contribution.) Helpful Reminders: *In order to use your HSA funds to purchase over the counter medications, a prescription or letter of necessity from your physician is mandatory. *The penalty for using HSA funds for ineligible medical expenses is now 20% *You must be covered under a Qualified High Deductible Plan for 12 full calendar months following the month of your contributions to receive those contributions tax free. *You are NOT eligible to receive contributions into your account if you are covered under a plan with 'first dollar benefits', such as, copays or if you are covered under a plan with a deductible less than $1,200 Single / $2,400 Family.