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IRS Releases Health Savings Account Contribution Limits and High Deductible Health Plan (HDHP) Requirements for 2007
HSA Contribution Amounts and HDHP Requirements Increase for 2007
On November 9, 2006, the IRS released new Health Savings Account (HSA) contribution amounts and High Deductilbe Health Plan (HDHP) requirements for 2007.
Effective January 1, 2007, the following changes will take effect:
The maximum HSA contribution amount for self-only HDHP coverage will increase to $2,850 (up from $2,700 for 2006) and the maximum contribution for family HDHP coverage will increase to $5,650 (up from $5.450 for 2006). Please note that HSA contribution amounts are the lesser of these maximums or 100% of the actual HDHP deductible.
The HSA catch-up contribution for those 55 years of age and older will increase to $800 (up from $700 for 2006).
The required minimum annual deductible for self-only HDHP coverage will increase to $1,100 (up from $1,050 for 2006) and the required deductible for family coverage will increase to $2,200 (up from $2,100 for 2006).
The maximum out-of-pocket expense amount for self-only HDHP coverage will increase to $5,500 (up from $5,250 for 2006) and the family out-of-pocket maximum will increase to $11,000 (up from $10,500 for 2006).
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