Lake Geneva, WI (PRWEB) April 22, 2010
HSA Clearing Corp, the leading Health Savings Account setup provider for financial institutions, is now projecting the 2011 amounts for HSAs. "With the release of the March inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for health savings accounts (HSAs) for 2011 are now known," says Roy Ramthun, Senior Vice President of HSA Clearing Corp. "With all the data points available, we can now state that the 2011 numbers for HSAs are as we predicted last month."
Because of the enactment of the Tax Relief and Health Care Act of 2006 (P.L. 109-432), the data period for calculating the inflation adjustments has moved forward five months. The U.S. Treasury Department is required to publish the inflation-adjusted amounts for the upcoming year for HSAs by June 1 each year.
Ramthun predicts that the maximum HSA contribution (not including catch-up contributions) will not change for 2011. The contribution limits will remain at $3,050 for individuals with self-only coverage and $6,150 for individuals with family coverage for next year. The annual catch-up contribution for individuals age 55 or older is set by statute and is $1,000 per person for 2011.
Ramthun also predicts that no changes will be forthcoming for the HSA-qualified insurance plans either. The minimum deductibles will remain at $1,200 for single coverage and $2,400 for family coverage, and the maximum limits on out-of-pocket expenses will remain at $5,950 for single coverage and $11,900 for family coverage next year.
Employers, banks and insurance companies can begin to finalize their plans for 2011, even though the official inflation adjusted amounts for HSAs will not be published until later this Spring," says Ramthun.
“We are seeing an increase over last year from financial institutions looking to offer HSAs," said Tim Morales, President of HSA Clearing Corp. “As more and more people and employers are switching to these proven cost savings health plans, banks and credit unions are learning that by offering HSAs, their keeping and growing funds in their institution rather then losing them to another HSA provider.”
About HSA Clearing Corp:
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.