The 2010 HSA contribution maximums are $3,000 for an individual account and $6,150 for a family.
(HSA holders 55 and older can contribute an extra $1,000 which means $4,000 max or $7,150)
To be eligible for a Health Savings Account, an individual must be covered by a HSA-qualified High Deductible Health Plan (HDHP) and must not be covered by other health insurance that is not an HDHP. This High Deductible Health Plan must have a minimum deductible for an individual $1,200 and a family $2,400. The insurance companies know all the details about these HDHP policies.
For more information about HSA's go to:
All resident taxpayers are eligible to establish a Montana MSA even if they have another health care plan provided by their employer or a Section 125 (Flexible Spending Account) or a Federal HSA. A taxpayer does not have to be in a high deductible plan at work to be eligible for an MSA.
A taxpayer may contribute any amount to a MSA; however each person may only deduct $3,000 plus any interest the account accumulates each year. Money withdrawn is required to be used for eligible medical expense. Any money withdrawn not used for eligible medical expenses is subject to a 10% penalty.
You may have a self-administered MSA. The account must be kept separate from any other account, must be an individual account and you must file an annual report (Form MSA) with your individual Montana return.
For further information contact Stephanie in our office or
read the following article:
http://msuextension.org/publications/familyfinancialmanagement/mt199817HR.pdf
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