The IRS is notoriously slow in releasing information benefit plan sponsors need to prepare for the next plan year. 

But for once, key updates for 2009 have been released with time to spare.

Recently, the  IRS recently released the maximum tax-free health savings account (HSA) contributions it will allow in 2009 and set new out-of-pocket limits for high deductible health plans (HDHPs) that will take effect Jan. 1. 

The HSA updates:

• the maximum HSA contribution for the year for individual coverage is $3,000
• the family coverage maximum will be $5,950, and
• the catch-up contribution limit for folks 55 and older is $1,000.

Meanwhile, the HDHP out-of-pocket limit will increase to $5,800 for individuals and $11,600 for families. The IRS will also bump up the minimum deductible for a health plan to be HSA-eligible to $1,150 for individuals and $2,300 for families.

Reminder: If someone’s eligible to enroll on the first day of the last month of the tax year, he or she is allowed to make the maximum contribution. The number of months eligible during the year doesn’t matter.  But if an employee isn’t eligible as of the first day of the last month, the HSA contribution limits are based on how many months he or she is eligible.