2012 IRS HSA Limits Announced
The Tax Relief and Health Care Act of 2006 (TRHCA) requires that the IRS release new HSA limits prior to June 1st. Here are the 2012 HSA limits:
|
Health Savings Accounts |
2011 Limit |
2012 Limit |
|
Individual |
||
|
Annual contribution limit |
$3,050 |
$3,100 |
|
Minimum deductible for HDHP |
1,200 |
1,200 |
|
Maximum out-of-pocket for HDHP |
6,050 |
6,050 |
|
Family |
||
|
Annual contribution limit |
6,150 |
6,250 |
|
Minimum deductible for HDHP |
2,400 |
2,400 |
|
Maximum out-of-pocket for HDHP |
12,100 |
12,100 |
|
Age 55 to 65 |
||
|
Annual catch-up contribution limit |
1,000 |
1,000 |
What is Pre-Tax?
“Pre-tax” is your ability to pay for, and set aside money, for certain expenses from your paycheck before your paycheck is taxed by Federal Withholding, Social Security, and, in some instances, state taxes. You must pay for these expenses anyway, so why not save tax dollars and increase your take home pay while doing so.
What can be paid using pre-tax dollars?
- Your share of your health, dental, vision, disability, accident, and group life ($50,0000 maximum) insurance premiums;
- Your eligible out of pocket medical, dental, and vision expenses;
- Your eligible work-related daycare expenses for the care of a live-in dependent such as a child or elderly relative;
- Your eligible parking and commuter expenses traveling to and from work.
How Can We Help You Save?
INNOVA’s staff is experienced and knowledgeable in the area of employee benefits including Cafeteria Plans and Parking and Transit Plans. By choosing the benefits that fit your needs, you will save valuable tax dollars and increase your take-home pay.
For participating Employers, our flexGuide© service offers guidance to you in determining the best course of action to take when enrolling in your employer’s flexible spending and/or qualified transportation plans. We want to help you understand the program, and the rewards of participating. You will see how beneficial this can be for you and your family.
By participating in your employer’s Flexible Benefit Plan and/or Qualified Transportation Plan you will immediately start to increase your take-home pay and save tax dollars.