Maximum Contributions for Health Savings Accounts Increase for 2012
According to the Internal Revenue Service, maximum contributions to Health Savings Accounts (HSA) have increased to $3,100 for individual coverage in 2012. That is up from $3,050 for 2011. Family coverage also has increased from $6,150 in 2011 to $6,250 in 2012.
The Federal government defines an HSA as a tax-exempt trust or custodial account that a qualified individual sets up with an HSA trustee to pay or reimburse certain medical expenses that may be incurred. In short, HSAs are similar to a personal savings account, only the money must be used for health care expenses. ...