HSA Updates — Legislative Change(s) for 2010

Written by Michael G. Kirwan, ChFC, CLU
Published Spring 2010


To our Valued HSA/MSA Clients:

We are pleased to inform you of yet another major enhancement to your HSA/MSA Program regarding your ability to make “Tax Deductible” contributions for 2010 and beyond.

HSA/MSA Plan participants will be permitted to contribute up to:

2009 2010
Single Participant $3000 $3050
All Others $5950 $6150

*2009 Contributions available until 3/15/10 for C Corporations 4/15/10 All Others

Additionally, there is an “Optional Spousal HSA” and, much like Retirement Plans, there is an optional “Catch–Up” provision for those age 55 and older, as follows:

  • 2009 Spousal HSA $1000
    Catch–Up Provision: $1000
  • 2010 Spousal HSA $1000
    Catch–Up Provision: $1000

In tax years prior to 2009, your ability to maximize your HSA/MSA contributions was limited to the amount of your deductible. If you had any deductible less than the current maximum $3,050/$6,150 (2010), your contribution was limited to that deductible.

Keep in mind that your Contribution is 100% Tax Deductible, it remains in your account for future use and is “Tax–Free”, when withdrawn for Medical/Dental and an assorted number of other benefits, including premiums for “Long Term Care”.

We are including our list of Products & Services and would welcome the opportunity to be of additional assistance to your Group or personally, for you and your family.

Thank you again for the privilege and confidence of your business.


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