2007 HSA Deductible & Contribution Limits Announced by IRS
Employers are scrambling to update their HSA minimum and maximum deductible amounts and contribution for 2007 HSA indexed figures recently announced by the IRS. Section 125 plans also need to be updated if employee HSA savings deductions are made on a pretax basis.
Bradenton, FL (PRWEB) December 7, 2006 -- Core Documents, Inc., the nation's primary source for Section 125, HSA and HRA plan documents reports the IRS has announced 2007 HSA indexed figures for minimum and maximum HSA deductible levels and HSA annual contribution limits.
Employers all over the country who sponsor Health Savings Accounts and qualifying HSA High Deductible Health Plans (HDHP) are updating their Plans to include the new 2007 HSA indexed figures.
Here are the 2007 HSA indexed figures as reported by the IRS:
Minimum Deductibles for HSA HDHP
Individual - $1,100
Family - $2,200
Maximum Deductible HSA Out-of-Pocket for HDHP
Individual - $5,500
Family - $11,000
Maximum HSA Annual Contribution Levels
Individual - Lesser of Deductible or $2,850
Family - Lesser of Deductible or $5,650
Catch-up for age 55 and over
additional $800
Gene Ennis, President of Core Documents, Inc., (www.CoreDocuments.com) reports that many employers are not aware that the HSA savings component can also be pre-taxed through a Section 125 Premium Only Plan, if the Section 125 plan document has been amended to include the HSA benefit. The reason the plan document needs to be updated is because the HSA savings component is not an irrevocable deduction as is the Section 125 insurance premium deductions. Employees have numerous options to modify or stop HSA savings deductions throughout the year. Also, any time a Section 125 Plan Document is updated the Department of Labor requires each employee to receive a new Summary Plan Description.
Mr. Ennis also reports that any employer offering HSA plans can amend and restate, replace or purchase a new Section 125 Premium Only Plan document with the required HSA module to include the savings component for only $179 plus $15 shipping and handling. This price also includes free software to administer and track the savings deductions. Employers receive everything the need to comply with all IRS and Department of Labor requirements. See more details at www.CoreHSA.com or call 888-755-3373.
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