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HSA and MSA Contribution Limits for HDHCPs

14 Responses

1. Mike, on May 16, 2009 at 12:57 AM said:

   What a coincidence! I called OptumHealthBank today to verify the contributions limits to my 2009 HSA. I’ve been happy with my HDHCP since 2000; didn’t use it very much and only for routine medical issues, thus far. Anyway, the phone sales representative was very helpful and I thanked her.

   Then, I asked if she knew who owned the bank? She rather proudly and correctly replied UnitedHealth Group – who she said, was also her employer. So, I asked if she knew about William W. McGuire MD, the disgraced former CEO of UnitedHealth Group Inc, who resigned following fraud allegations in an alleged backdating scandal for hundreds of millions of dollars’ worth of stock options; to which she replied an emphatic NO!

   Of course, I also asked if she knew of the Ingenix scandal and she said that she couldn’t talk about it. Of course she couldn’t … silly me.

   Mike

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2. Jim, on August 25, 2009 at 8:18 PM said:

   Whole Foods, the high-end grocery store chain, has been facing heated calls for a boycott ever since the chain’s chief executive, John Mackey, wrote an editorial in the Wall Street Journal advocating for a high-deductible health care plan like the one it offers.

   http://www.msnbc.msn.com/id/32513127/ns/business-us_business

   Unfortunately, too many people are so afraid of anything that is new or different! Nevertheless, I do like the idea of folks having skin-in-the-game. I’ve got an HSA and I love it. It makes me very involved in my health and healthcare delivery … just like a real consumer.

   Jim

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3. Shelly, on October 4, 2009 at 1:58 PM said:

   For 2010, the IRS has the following requirement for a High Deductible Health Plan:

   Maximum Out-of-Pocket Expenses: $5,800 ($5,950 for 2010)

   Family Coverage
   Minimum Annual Deductible: $2,300 ($2,400 for 2010)

   Single/Self-Only Coverage
   Minimum Annual Deductible: $1,150 ($1,200 for 2010)
   Maximum Out-of-Pocket Expenses: $11,600 ($11,900 for 2010)
   

   Sheldon

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4. Sy, on April 8, 2010 at 10:10 AM said:

   Sheldon

   The 2009 annual contribution limits are $3,000 for self-only and $5,950 for family coverage. A catch-up contribution is available for taxpayers 55 and older of $1,000.

   The 2010 annual contribution limits are $3,050 for self-only and $6,150 for family coverage. A catch-up contribution is available for taxpayers 55 and older of $1,000.

   I just turned 55 this year; 2010.

   Sy

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5. Gregory, on November 26, 2010 at 1:00 PM said:

   On HDHPs

   A study just published in the Archives of Internal Medicine adds validity to the claim that high-deductible health plans (HDHPs) may lead patients to forgo needed care, particularly among lower-income insureds.

   http://www.fiercepracticemanagement.com/story/rwjf-physicians-must-help-patients-navigate-high-deductible-plans/2010-11-23?utm_medium=nl&utm_source=internal

   So, how can these folks afford the HDHPs in the first place, even with the lower premiums? Does this make sense, at all?

   Gregory

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6. Blake, on May 19, 2011 at 3:10 PM said:

   HSA

   The IRS announced contribution limits for Health Savings Account (HSA) for 2012.

   HSA Contribution Limits
   2011 2012 Change

   Individual Coverage $3,050 $3,100 +$50
   Family Coverage $6,150 $6,250 +$100

   Note: You can only contribute to an HSA if you have a High Deductible Health Plan

   Blake

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7. Clement, on August 22, 2011 at 8:06 PM said:

   More on HD-HCPS

   High-deductible HCPs are likely to gain in popularity because the new excise (Cadillac) tax from the ACA will encourage employers to reduce generosity of health plans, shifting more cost sharing and higher deductibles to employees.

   Higher cost sharing will then encourage more patients to seek coverage from Medicaid and the exchanges, if eligible.

   Clement

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8. Mike, on October 31, 2013 at 10:36 AM said:

   Clement

   As high deductible plans go mainstream, there will be an acceleration of trends for multiple stakeholders.

   While, in general, employers will see lower utilization resulting in lower costs, some will be faced with more concerns about economic barriers to care (e.g. with low wage workers) and some will refocus on value based design incentives.

   Payers will find more pressure to deliver on tools that support better transparency of costs and value both related to provider and treatment options. This in turn will accelerate the growing focus on improving value by both providers of care as well as manufacturers of pharmaceuticals and medical devices.

   All in all, the healthcare system will continue to feel the pinch of a more discerning and engaged patient.

   Mike

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9. Dr. David Edward Marcinko MBA, on December 15, 2013 at 12:56 PM said:

   HSAs

   HSA contributions give you a similar tax breaks as traditional IRAs.

   In 2013, an individual policyholder can contribute a maximum of $3,250, and a family can contribute $6,450.

   Next year, the limits rise modestly to $3,300 and $6,550, respectively. If you’re age 55 or older, you can chip in an additional $1,000.

   Unlike IRAs and Roth IRAs, HSAs are not subject to any income limitations.

   Dr. David Edward Marcinko MBA
   http://www.CertifiedMedicalPlanner.org

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10. Simon, on August 11, 2016 at 2:01 PM said:

    Warning

    If you have a tax-deductible health savings account (HSA) and are on Medicare, you will no longer be able to make contributions to it.

    In fact, the IRS rules say you need to stop contributions six months before Social Security benefits begin, although I’ve never heard from anyone who lost tax benefits or was hit by an IRS penalty for such contributions.

    http://www.msn.com/en-us/money/retirement/social-security-sign-up-can-bring-an-unpleasant-surprise/ar-BBvvnZf?li=BBnbfcN&ocid=U348DHP

    Simon

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11. Agnes, on October 23, 2016 at 8:04 PM said:

    2017

    For 2017, high-deductible plan members can save up to $3,450 in an individual HSA, with tax-free contributions of their own or from an employer.

    For family plans, the maximum HSA contribution is $6,700. Baby boomers 55 years or older can make an additional $1,000 catch-up contribution.

    Agnes

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12. Ann Miller RN MHA, on August 31, 2017 at 6:33 PM said:

    56% of Adults Enrolled in CDHPs Opened an HSA

    Here are some key findings from the 2016 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey (CEHCS):

    • 14% of privately insured adults enrolled in a consumer-driven health plan (CDHP).
    • Among individuals enrolled in CDHPs, 56% (16.3 million) opened an HSA.
    • 78% of CDHP enrollees said that their employer contributed to their HSA in 2016.
    • 1 in 5 CDHP enrollees reported an employer contribution of >$2,000 in 2016.
    • 2 in 3 CDHP enrollees had a choice of health plan.
    • 48% in CDHPs asked for a generic instead of a brand drug vs. 37% in traditional

    Source: Employee Benefit Research Institute, May 25, 2017

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13. Ann Miller RN MHA, on October 24, 2017 at 3:47 PM said:

    New 2018 contribution limits for health savings accounts

    The 2018 annual contribution limit that individuals with single medical coverage can contribute to a health saving account is $3,450, an increase of $50 from 2017. The annual HSA contribution limit is $6,900 for those covered under qualifying family medical plans (up from $6,750 in 2017).

    But if you’re 55 or older in 2018, you can contribute an additional $1,000, or total of $4,450 to an HSA for singles and $7,900 for families per year.

    If you’re enrolled in a high-deductible health plan, you really should take advantage of this special savings opportunity. Make it a point to set aside pretax money into an HSA because it grows tax-deferred and can be withdrawn tax-free in retirement when used to reimburse yourself for your out-of-pocket qualified medical expenses. 

    Ann Miller RN MHA

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14. Editor, on March 26, 2018 at 11:52 AM said:

    HSA Guide for 2018
    

    https://www.fool.com/retirement/2018/03/26/your-2018-guide-to-the-health-savings-account.aspx

    Dr. David Marcinko MBA

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