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September 18, 2006
Final Inflation Adjusted Health Savings Account Numbers for 2007
With the release of the August 2006 inflation figures, the inflation-adjusted amounts for Health Savings Accounts (HSAs) for 2007 are now known, says Roy Ramthun, Senior Vice President of HSA Clearing Corp. "We now know all the data points to calculate 2007 numbers for HSAs. The maximum HSA contribution (not including catch-up contributions) will be $2,850 for self-only coverage and $5,650 for family coverage in 2007." The annual catch-up contribution for individuals age 55 or older is set by statute and will be $800 per person for 2007.
Ramthun says that for insurance plans offering HSA qualified health savings plans, "The minimum deductible for HSA-qualified high deductible health plans (HDHPs) will be $1,100 for self-only coverage and $2,200 for family coverage policies. The out-of-pocket maximums in 2007 will be $5,500 for self-only policies and $11,000 for family coverage policies.
Now that these figures are known, companies can begin to finalize their 2007 plans, even though the official inflation adjusted amounts for HSAs will not be published by the IRS until later this fall, says Ramthun.
Find out more about Health Savings Accounts at: http://www.health--savings--accounts.com
Posted by Wiley Long at September 18, 2006 09:03 AM
Comments
My wife and myself will be 55 in February and August can we add $800 to the $5,650 that we pay into the HSA.
"Individuals over age 55 and over may deposit into their account (and take a tax deduction on) an additional catch-up contribution of $800 in 2007"
Posted by: Harry H Rider at January 1, 2007 07:42 PM
Hi Harry,
That is correct, you may add the additional $800 to your account.
Wiley
Posted by: Wiley Long at January 4, 2007 04:36 PM