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Welcome to the Group Health Insurance HSA Resource Center
Health Savings Accounts (HSAs) are an important part of a Consumer-Directed Health Plan. Since their introduction, HSAs have created a lot of excitement but many consumers are still unsure of how they work.
As California's leading authority on employee choice benefits, Group Health Insurance has created a website that provides useful tools and information to help you determine whether an HSA is right for you. You'll also find a comprehensive Provider Search, easy to use Rx Search, and registered members can also access Choice Outcomes —hospital comparison data for procedures and costs.
Group Health Insurance wants to help you take charge of your healthcare and become a more informed consumer. Healthcare for the way we live.
Contact Us for access to our password proteced site or call us at 619-884-7801 for a proposal to see if this is a plan for you and your company
HSA Fast Facts
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Health Savings Account Contribution Limits
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Requirements IRS for 2009
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Single Plan
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Family Plan
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Minimum Deductible
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$1,150
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$2,300
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Maximum Out-of-Pocket
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$5,800
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$11,600
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Contribution Limit
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$3,000
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$5,950
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Catch-Up Contribution (55 or older)*
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$1,000
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$1,000
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* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $900 could be made to that account.
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IRS Requirements for 2010 and 2011
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Single Plan
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Family Plan
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Minimum Deductible
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$1,200
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$2,400
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Maximum Out-of-Pocket
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$5,950
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$11,900
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Contribution Limit
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$3,050
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$6,150
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Catch-Up Contribution (55 or older)*
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$1,000
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$1,000
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* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1,000 could be made to that account.
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HSA plans were introduced by Congress on January 1, 2004
An HSA is a savings account that is paired with a qualified High-Deductible Health Plan to cover eligible medical expenses not covered by the health plan.
Effective, 1/1/2010, a High-Deductible Health Plan (HDHP) satisfies certain requirements with respect to deductibles and out-of-pocket expenses. A qualified HDHP must have: a minimum annual self-only coverage deductible of $1,200 and a maximum self-only coverage out-of-pocket should be $5,950, or a minimum annual family coverage deductible of $2,400 and a maximum annual family coverage out-of-pocket of $11,900.
No amounts are payable from a HDHP until the family has incurred annual covered medical expenses in excess of the minimum annual deductible.
An individual is ineligible for an HSA if they are also covered by another health plan (individual, spouse, dependent) that is not an HDHP.
HSAs use pre-tax dollars.
HSA funds can grow tax-free in a variety of investment vehicles: Passbook savings, mutual funds, or stocks.
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