The IRS has just recently released the contribution limits for HSA's for 2012. There will be a slight increase from the 2011 maximums.

2012 Contribution Limits for HSA's:
Self-only Max - $3,100
Family Max - $6,250

New Limits for Definition of a "High Deductible Health Plan"
Not less than $1,200 (no change from 2011) for self-only coverage and $2,400 (no change) for family coverage.
Maximum out-of-pocket not to exceed $6,050 for self-only coverage and $12,100 for family coverage.

For an instant rate on a HSA compliant health insurance plan visit HSA Quote

Those with flexible savings accounts better hurry up and run to the store if funds are still available.

Effective January 1, consumers can no longer use funds from the accounts to purchase over-the-counter medications as a result of healthcare reform. The accounts can, however, be used to pay for prescription medications.

Flexible savings accounts have become quite popular with some employers and employees. The plans allow people to set aside funds tax-free, resulting in the potential for a sizable amount of savings.

There will be more changes underway for the accounts in the upcoming years. Current limits allow employees to stash away $5,000 annually in the accounts, but the amount will be slashed in half in 2013.

Obtaining affordable health insurance quotes along with using flexible spending accounts have helped people save a substantial amount on medical care.

While shortly people will no longer be able to use flexible spending account funds on over-the-counter medications, there are still ways people can save money. By 2014, each state will be required to have a health insurance exchange in operation. The program is designed to offer competitively priced policies. 

Wisconsin residents looking for affordable health insurance quotes and flexible savings accounts just got some good news. Governor Scott Walker has a plan to help people save money.

Walker is proposing to end state taxes on health savings accounts. The measure is designed to help small business and could be presented to the legislature as early as January.

"Employees and small businesses need to have the flexibility provided by HSAs, and there's no reason they should be taxed," says Walker. "This will make health care more affordable for folks who use HSAs."

Walker says consumers as a whole can save as much as $8 million a year with their HSA if it is tax-exempt.

Another way people can save money on their health insurance is by choosing a high-deductible plan. With such plans, monthly premiums are lower than a traditional policy, but more out-of-pocket expenses must be paid before coverage kicks in.

High-deductible plans may be a good option for those who are young and in good health. Those with children, however, who find themselves frequently making doctors' visits may not realize savings. 

More people are opting for consumer-driven or high-deductible health plans, according to research from the Employee Benefit Research Institute. The number of people being insured through such plans has hit the 22 million.

Some people opt for such plans because they offer lower monthly premiums. Those who are young, single and healthy can save money if they don't become ill. However, some research has indicated that some people delay getting healthcare because of the high out-of-pocket expenses that much be paid before insurance kicks in.

EBRI health research and education program director Paul Fronstin says the plans are a way for employers to save money.

"The number of people who are enrolled in so-called 'consumer-driven' private health care plans is slowly growing," says Fronstin. "And as employers continue to look for ways to manage health care cost increases, they are turning to these account-based plans. EBRI will continue to track their impact on cost, quality, and access to health care."

Healthcare costs have grown year after year, far out-pacing inflation. That, along with legislative reform, has many employers scrambling to cover expenses.

New regulations are changing the way health savings accounts work. Previously, people could use money in the accounts to pay for over-the-counter medications along with prescription drugs. However, people will no longer be able to use funds from the accounts to pay for such goods as of next year.

Wageworks, a company that provides consumer-directed benefits, wants Congress to reconsider the new regulation. Among other things, the change will result in increased expenses for consumers. People save money with a HSA because they are allowed to contribute funds tax-free.

Wageworks CEO Joe Jackson says the new law will hurt consumers who are already struggling.

"Congress must act now to either repeal a policy that will result in costly, time-consuming and potentially harmful results, or act to delay it for up to two years to allow for an implementation that is more accommodating to the needs of consumers, pharmacies and drug stores, and less likely to incur unnecessary costs to the health care system," says Jackson.

For consumers looking for other ways to save money, they can search for affordable health insurance quotes online. Individual health insurance premiums can vary depending on the specific plan and condition of person being insured.