The IRS just announced the HSA limits for 2007. 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.
Additionally, the maximum out-of-pocket expense—including deductibles—that employees with single coverage can be required to pay will rise to $5,500, up from $5,250 in 2006, and to $11,000, up from $10,500, for those with family coverage.
The minimum deductible of the high-deductible health insurance plan to which HSAs must be linked will increase to $1,100, up from $1,050, for employees with single coverage, while the minimum deductible for those with family coverage will increase to $2,200, up from $2,100. The new limits reflect increases in the cost of living.
We’ve been really busy with a lot of our Colorado health insurance clients trying to switch to an HSA qualified plan before the end of the year. If you still haven’t looked into how an HSA qualified plan compares with your current policy, time is running short if you still want to lock in 2006 rates with any of the health insurance companies in Colorado.
