The IRS has just issued Revenue Procedure 2010-22, which outlines the 2011 cost-of-living contribution and coverage adjustments for HSAs, as mandated under Code Section 223(g). The limits for 2011 are unchanged from 2010: http://www.irs.gov/pub/irs-drop/rp-10-22.pdf
HDHP Minimum Deductible
You must still have coverage under an HSA-qualified “high deductible health insurance plan” (HDHP) to open and contribute to an HSA. Federal law still requires that in 2011 the health insurance deductible be at least:
Single $1,200
Family $2,400
HSA Contribution Amounts
Single $3,050
Family $6,150
Catch-up $1,000
Maximum out-of-pocket amounts
Single $5,950
Family $11,900
What are 2012 HSA contribution limits?
What are the IRS 2013 HSA contribution limits?
Could I use my HSA for electromagnetic therapy
I looked in IRS Publication 502 under E, but did not see electromagnetic therapy. You can see for yourself what is allowed there:
http://www.irs.gov/publications/p502/ar02.html#en_US_publink1000178851
Maybe it has another name?
If I understand the law correctly, you could have $20,000 in your HSA, but the deductible can be no higher than these maximums.
That is crazy!
If a person has $20,000 in his HSA, he should have the option of a $20,000 deductible.
That could save about 50% of the premiums off of the traditional plan.
Hum, I wonder why that option was not provided in the law?
Don Levit
If I understand the law correctly, you could have $20,000 in your HSA, but the deductible can be no higher than these maximums.
That is crazy!
If a person has $20,000 in his HSA, he should have the option of a $20,000 deductible.
That could save about 50% of the premiums off of the traditional plan.
Hum, I wonder why that option was not provided in the law?
Don Levit