An individual, a company, or both can contribute to an HSA. And, of course, all contributions are tax-deductible.
Similar to an IRA, there are limits for how much one can contribute each year to an HSA. The annual HSA contribution limits are as follows:
Annual HSA Contribution Limits for 2005(1) |
| Individual |
$2,650; or the annual HDHP deductible,
whichever is less |
| Family |
$5,250; or the annual HDHP deductible,
whichever is less |
Note: 1) The annual HSA contribution limits will be adjusted for inflation
each year (CPI)
”Catch-Up” Contributions
An individual who is age 55 or more can
make "catch-up" contributions (in addition to the
standard annual contribution limits) that allow older individuals
to build HSA funds more rapidly. Once an individual is enrolled
in Medicare (generally at age 65), the individual is no longer
eligible to contribute to an HSA.
HSA
"Catch-Up" Contributions
|
| 2004 |
$500 |
| 2005 |
$600 |
| 2006 |
$700 |
| 2007 |
$800 |
| 2008 |
$900 |
| 2009 and on |
$1,000 |
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