Tuesday, October 27, 2009

2010 Health Savings Account(HSA) Changes

For those of you that have a Health Savings Account(HSA) in conjunction with your High Deductible Health Plan (HDHP), you should already be aware that the minimum deductible amounts, as well as, the maximum that an individual can contribute to their accounts are changing for 2010. The changes are as follows:

  1. The minimum deductible amount must be $1,200 for self-only coverage and $2,400 for family coverage; increased from 2009 requirements.

  2. The out-of-pocket maximum must be no higher than $5,950 for individual or $11,900 for family coverage; increased from the 2009 requirements.

  3. The HDHP must be set-up with a combined medical/pharmacy deductible. This deductible must apply to the out-of-pocket maximum; no change from the 2009 requirements.

  4. All medical and pharmacy services must be subject to deductible and out-of-pocket maximum except for preventative services.

  5. The annual contribution limits are being raised to $3,050 in 2010 for individual coverage; increased from $3,000 in 2009. For family coverage the maximum is increasing from $5,950 in 2009 to $6,150 in 2010.

If you don't already have a compatible Health Savings Account component to your HDHP then it's time you switched. You're already having to ask your employees to pay a greater share of their health care expenses out-of-pocket; why not pay them with tax-free dollars. With a full court press of government takeover of health care just around the corner; you better make the switch now while you still can.

For more information on this and other employee benefits related matters; email me at bknauss@employeemployersolutions.com visit my website at http://www.employeemployersolutions.com/ or twitter me at http://twitter.com/mployebenefits

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1 comment:

  1. Coleen MaulfairDecember 8, 2009 at 10:14 AM

    Hi Bob, We think this is a very important message especially while these programs are still available. I have heard but not verified they may be missing in the new "health care bill". Health savings accounts are vital. They save money and allow a citizen of this country a increasingly rare freedom. There are a few decisions someone can still execute for themselves if they use health savings accounts.

    Our medical practice does not directly participate with any insurance company including medicare because we are not going to be directed by anyone as to how to best help people who come to us. We hope to remain independent. People who come to us utilize their health savings accounts and are very happy with them. As you know the IRS allows physician prescibed nutrients, oral or intravenous as a deductible expense. In the case of someone with cancer for instance when they come to us we help with high dose IV vitamin C among other things. These accounts if understood and pushed would save a great deal of medical dollars would be an incentive to take care of oneself rewarding personal responsibility.

    Please feel welcome to contact us and perhaps you could come and give a seminar in our auditorium for people who would like to understand the benefits of health savings accounts. We would appreciate that very much. Thanks Coleen Maulfair 610-682-2104

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