Question:
Are there limits to how much I can contribute to my HSA?
Answer:
Yes. The IRS determines the maximum amount that can be contributed to an HSA for a calendar year. The 2009 limits are $3,000 for an individual plan and $5,950 for a family plan. In addition, accountholders who are age 55 or older are allowed to make an annual $1,000 Catch-Up Contribution. Those who enroll in Medicare mid-year should pro-rate contributions. For other rules regarding prorating, click here.