Health Savings Accounts
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Contribution Limits

Any eligible individual may contribute to an HSA. For an employee-established HSA, the employee, the employer, or both may contribute to the employee's HSA in the same year. For an HSA established by a self-employed (or unemployed) individual, the individual, his/her family, or any other person may make contributions on behalf of the eligible individual.

Limits on contributions
The amount you or any other person can contribute to your HSA depends on the type of High Deductible Health Plan (HDHP) coverage you have and your age.  For 2007, if you have self-only coverage, you can contribute up to the amount of your annual health-plan deductible, but not more than $2,850.  If you have family coverage, you can contribute up to the amount of your annual health-plan deductible, but not more than $5,650.

Individuals over the age of 55 and not enrolled in Medicare are eligible to make catch-up contributions.  For 2007, the limit on catch-up contributions is $800; this limit will increase by $100 each year until it reaches $1,000 in 2009.

In order to contribute the full amount for any given year, you must have been enrolled in a qualifying HDHP for the entire year.  If you were not enrolled in a qualifying HDHP for any part of the year, your contribution limit is reduced in direct proportion to the amount of time you were not enrolled in a qualifying HDHP.  For example, if you had an HDHP for 6 months of the year, your contribution limit would be one-half of the annual maximum for your coverage (including catch-up contributions).

Rollovers
You can roll over amounts from Archer MSAs and other HSAs into an HSA.  Rollover contributions do not need to be in cash. Rollovers are not subject to the annual contribution limits.  You must roll over the amount within 60 days after the date of receipt.  You can make only one rollover contribution to an HSA during a one-year period.  You cannot roll over amounts from an IRA, an HRA, or a health FSA into an HSA.

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