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2007-12-12 CC Packet
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2007-12-12 CC Packet
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<br />2008 HSA Limits <br /> <br />Below are the new HSA high deductible healthcare plan (HDHP) minimums and contribution <br />maximums for 2008. <br /> <br />HDHP Minimum Deductible (no change since 2007) <br />You must have coverage under an HSA-qualified "high deductible health plan" (HDHP) to <br />open and contribute to an HSA. Federal law requires that in 2008 the health insurance <br />deductible be at least: <br /> <br />Single <br />Family <br /> <br />$1,100 <br />$2,200 <br /> <br />Out-of-pocket Maximum <br />Annual out-of-pocket expenses under the plan (including deductibles, co-pays, and co- <br />insurance) cannot exceed: <br /> <br />Single <br />Family <br /> <br />$5,600 <br />$11,200 <br /> <br />Contribution Maximurn <br />Contributions can be made to an HSA each year that an individual is eligible. Maximum <br />contributions between employee and employer for 2008 can not exceed: <br /> <br />Single <br />Family <br /> <br />$2,900 <br />$5,800 <br /> <br />Individuals age 55 and older can also make additional "catch-up" contributions of <br />up to $900 for 2008. <br /> <br />Tax-free transfers from an IRA to an HSA <br />A one-time irrevocable transfer from an IRA to an HSA will be allowed. <br /> <br />This allows for participants to jump start or pre-load their HSA savings account for health <br />care expenses they might incur before building up a HSA balance. Participants must <br />remain in an HDHP for 12 months following the transfer. No employer involvement is <br />necessary. <br /> <br />Presented by: A.T. Group, Employee Benefits for Public Groups 1-877-902-8898 <br /> <br />~ <br />
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