Health Saving Accounts limits for High Deductible Health Plans
The IRS issued guidance on the maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits for high deductible health plans (HDHPs) that must be used in conjunction with HSAs. These amounts have been indexed for cost-of-living adjustments for 2007. For 2007, the maximum annual HSA contribution for an eligible individual with self-only coverage is $2,850. (Note: for any individual, the maximum contribution is the lesser of the indexed amount or the deductible of the HDHP.) For family coverage the maximum annual HSA contribution is $5,650. Catch up contributions for individuals who are 55 or older is increased by statute from $700 to $800 for 2007.
Please contact us if you have questions on how to implement these programs in your business. As a Professional Employment Organization, PEO, we can show you how our programs have helped businesses like yours save thousands. We can be reached at 303-549-1860 orinfo@StaffScapes.com.