HSA Trustee Services Recommends "Fully Fund your HSA First"
With these new enhanced HSA contribution limits for 2007 and beyond, HSA Trustee Services highly recommends you fully fund your HSA. If you are currently funding an IRA or 401K, you should consider funding your HSA first, as you can always get access to these funds for you and your dependants for qualified health care expenses while still receiving the tax benefits.
Lake Geneva, WI (PRWEB) January 16, 2007 -- HSA Trustee Services, one of the true leaders in the booming Health Savings Account market, encourages people to fully fund their Health Savings Accounts before funding any other tax-advantaged accounts. The passage of the Health Opportunity Patient Empowerment Act of 2006, part of the Tax Relief and Health Care Act of 2006, provides new opportunities for health savings account (HSA) participants' to build their account funds.
With these new enhanced HSA contribution limits for 2007 and beyond, HSA Trustee Services highly recommends you fully fund your HSA. If you are currently funding an IRA or 401K, you should consider funding your HSA first, as you can always get access to these funds for you and your dependants for qualified health care expenses while still receiving the tax benefits.
CHANGES TO HSA CONTRIBUTIONS FOR 2007
1. Contributions are no longer limited to the lesser of the deductible or the Treasury Cap. Now everyone can contribute the Treasury Cap Limit. This applies to both new and existing accounts.
2. 2007 Treasury Cap: $2850 individuals/$5650 family. (indexed annually)
3. Catch-up contribution: If you are 55 or older anytime in 2007, you may contribute an extra $800 for 2007.
4. No More Pro-Rating Of Contributions: From now on, no matter when you get the qualified insurance during the year, you are eligible to contribute the full Treasury Cap amount listed above.
5. No More Pro-Rating Of Catch-Up Contributions. Same rules as above.
"Ever since passage of the new law, we have received calls from our current customers wanting to know how much they could add for 2007," said Viki Morales, Senior VP of HSA Trustee Services, "People are excited to hear that they can increase their contributions up to the Treasury cap even if they have a lower deductible. The new legislation allows people to build their account balances to save for future qualified expenses. It truly allows people to plan ahead for spending on such things as dental care, orthodontics and other discretionary care."
About HSA Trustee Services
HSA Trustee Services is a nationwide provider specializing in opening Health Savings Accounts (HSA) for individuals, families and groups since the inception of the HSA program in January 2004. HSA Trustee Services was the first HSA provider to offer a "no monthly fee" HSA which includes their exclusive "HSA Rx Card" for further savings on prescriptions drugs. For more information on this program, or the other benefits of using hsa Trustee Services, please call 866-hsa-2010 or visit the website at www.hsatrusteeservices.com. HSA Trustee Services is dedicated to "Keeping the $avings in the Health Savings Account".
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