Lake Geneva , WI (PRWEB) April 17, 2007
HSA Clearing Corp, the leading Health Savings Account setup provider for financial institutions, projects the 2008 HSA numbers."With today's release of the March 2007 inflation figures, the inflation-adjusted amounts for health savings accounts (HSAs) for 2008 are now known", says Roy Ramthun, Senior Vice President of HSA Clearing Corp. "We now have all the data points to calculate the 2008 numbers for HSAs. This will give everyone offering an HSA program in 2008 much more time for planning. In past years, this information was not available until very late in the year."
"Although the inflation index for March was higher than anticipated, only one of the HSA amounts has changed from our predictions last month, "says Ramthun. He says the maximum HSA contribution (not including catch-up contributions) will be $2,900 for individuals and $5,800 for families 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. "The good news is that the contribution limit for families is $50 higher than originally projected".
For insurance plans offering HSA-qualified high deductible health plans, Ramthun says that the minimum deductible for HSA-qualified high deductible health plans (HDHPs) will remain at $1,100 for self-only coverage and $2,200 for family coverage policies in 2008. However, the out-of-pocket maximums for qualified plans will increase slightly to $5,600 for self-only policies and $11,200 for family policies.
"This means HSA-qualified plans will not have to make any changes to their plan designs because their current policies will meet the minimum deductibles and out-of-pocket limits for 2008," says Ramthun.
Now that these figures are known, companies can begin to finalize their 2008 HSA plans. Due to a change in the law, Treasury is now required to publish the final figures by June 1.
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 http://www.HSAClearing.com.