HSA Clearing Corp Projects 2008 HSA Numbers
"With last Friday's release of the February inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for health savings accounts (HSAs) for 2008 are coming into view," says Roy Ramthun, Senior Vice President of HSA Clearing Corp. "We know all but one of the data points to calculate the 2008 numbers for HSAs."
Lake Geneva , WI (www.AllPayNews.com) March 19, 2007 -- HSA Clearing Corp, the leading Health Savings Account setup provider for financial institutions, projects the 2008 HSA numbers. "With last Friday's release of the February inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for health savings accounts (HSAs) for 2008 are coming into view," says Roy Ramthun, Senior Vice President of HSA Clearing Corp. "We know all but one of the data points to calculate the 2008 numbers for HSAs."
Because of the enactment of the Tax Relief and Health Care Act of 2006 (P.L. 109-432), the data period for calculating the inflation adjustments has moved forward five months. The U.S. Treasury Department is required to publish the inflation-adjusted amounts for the upcoming year for HSAs by June 1 each year.
Ramthun predicts that the maximum HSA contribution (not including catch-up contributions) will increase to $2,900 for individuals with self-only coverage, and will increase to $5,750 for those with family coverage in 2008. The annual catch-up contribution for individuals age 55 or older is set by statute and will be $900 per person for 2008.
Ramthun predicts that for insurance plans offering HSA-qualified high deductible health plans, the minimum deductible for HSA-qualified high deductible health plans (HDHPs) will remain $1,100 for self-only coverage and $2,200 for family coverage policies. However, the out-of-pocket maximums in 2008 will increase slightly $5,600 for self-only policies and $11,200 for family coverage policies.
"Most insurance carriers will not need to make any changes to their HDHP deductibles or out-of-pocket limits for 2008," Ramthun says. "HDHPs with out-of-pocket limits at the current maximums for 2007 will still be HSA-qualified for 2008."
"Companies can begin to finalize their 2008 plans, even though the official inflation adjusted amounts for HSAs will not be published until later this Spring," says Ramthun.
About HSA Clearing Corp:
HSA Clearing Corp is the nationwide leader in setting up banks and credit unions to offer Health Savings Accounts/HSA with their turnkey HSA setup program, allowing the HSA monies to be deposited locally to better benefit the community. For more information on their cost effective HSA program contact HSA Clearing Corp at 262-348-1300, or visit www.HSAClearing.com.