Benefits Blast

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ISSUE 5

This month's issue is a reminder about HSA LIMITS

Those Employees who participate in a HEALTH SAVINGS ACCOUNT, should be reminded that the maximum annual contribution amount for 2009 has increased.

An Individual who participates in an HSA can contribute up to $3,000 for 2009 on a tax-deferred basis. For Family coverage, the maximum HSA Contribution has been increased to $5,950. The "catch up" contribution for an individual (the primary account holder) over age 55 has been increased to $1,000 (which is in addition to the above.)

For an established HSA Account, contributions for the taxable year can be made in one or more payments at any time after the year has begun and prior to the individual's deadline (without extensions) for filing the federal income tax return for that year. (For most taxpayers, this is April 15th of the year following the year for which contributions are made.)

Please contact our Benefits Department if you have any questions about High Deductible Health Plans and Health Savings Accounts. These innovative plans save both the Employer AND the Employee money!

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