While this isn't hot off the press kind of news, it also is not front page news either.  That is if you are one of the 6.1 million folks who were enrolled in a health savings account (HSA) last year according to AHIP (American  Health Insurance Plans) or one of the couple of million folks who enroll over the course of this year according to Gradock, you may make larger contributions to your HSA in 2009.

The IRS will raise the annual contribution limits as follows:

Individuals:  from $2800 to $3000

Families:     from $5800 to $5950

Folks who are 55 or older will be able to make and additional $1,000 per year "catch up" contribution.  To learn more about the rules of health savings accounts (HSAs) click here and you can learn more.  And you can be sure that it will be much easier to read than the IRS tax code.

Each year the annual contribution limits have risen which as you know is a good thing.  In short it means you save more, you have a greater tax deduction, you can earn more interest, you have more set aside for your medical expenses, you have greater piece of mind.  All excellent reasons to have a HSA.  If you have one already, good for you now go out and play in the sprinkler or something.  If you don't have one, well good for you for reading the Gradock Bulletin and giving health savings accounts and high deductible health plans (hdhps) some serious consideration.  Now go out and play in the sprinkler, it's summertime for goodness sake.

 Seriously, go enjoy yourself!