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2008 Health Savings Account - HSA Limits
In 2006, the Tax
Relief and Health Care Act of 2006, which included several
provisions affecting and enhancing Health Savings Accounts (HSAs),
was signed into law.
Effective for
2007 plan years, the law made the annual deductible limitation on
HSA contributions the statutory maximum amount instead of the
lesser of that amount or the deductible under the plan. Thus,
starting in 2007, an eligible individual with self-only coverage
could contribute up to $2,850 to an HSA and an individual with
family-only coverage could contribute up to $5,650, regardless of
the amount of the HSA qualified plan deductibles for the year.
The IRS issued
Revenue Procedure 2007-36, which reflects the change in deduction
limit for 2007 and provides the new statutory HSA contribution and
HDHP minimum deductible and out-of-pocket limits for 2008.
2008 HSA and HDHP
limits and catch-up contribution limits as compared to
2007:
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2007
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2008
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HSA qualified
plan
Minimum Deductible
Individual
Family
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$1,100
$2,200
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$1,100
$2,200
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HSA qualified
plan
Maximum Out-of-Pocket
Individual
Family
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$5,500
11,000
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$5,600
11,200
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HSA
Maximum Contribution
Individual
Family
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$2,850
$5,650
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$2,900
$5,800
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Catch-Up
Contributions (age 55 or older)
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$800
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$900
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Interested in a HSA plan quote? Colorado Health Insurance Brokers will review HSA qualified plans
from Colorado's top companies including Anthem Blue Cross Blue Shield,
Humana, Assurant Health, United Healthcare/Golden Rule,
American Medical
Security, Aetna and more to help you find the
best value on the right health plan. Get
a free personalized quote on an HSA qualified health plan.
More Questions and Answers
MORE HSA LEARNING RESOURCES >
HSA OVERVIEW
HSA QUALIFIED HEALTH PLANS
HSA BANKING OPTIONS
HSA MULTIMEDIA TUTORIAL
HSA QUALIFIED EXPENSES
HSA QUESTIONS AND ANSWERS
GET A QUOTE ON AN HSA QUALIFIED HEALTH PLAN
Health Savings Accounts are the biggest advancement in health care financing in years is
available to anyone in Colorado with our HSA qualifying high-deductible
medical plans! Call Colorado Health Insurance Brokers at 800-416-4481 for more information and a free quote or Get
a free instant HSA quote.
* See IRS Publication 502
for a list of qualifying medical expenses. You may also reference
the IRS
HSA Questions and Answers bulletin and www.irs.gov
for more information on HSA's and IRS rulings and www.ustreas.gov
for Treasury Department rulings. Colorado Health Insurance
Brokers are not engaged in rendering tax, investment or legal
advice. Federal and state regulations are subject to change. If tax,
investment or legal advice is required, seek the services of a
licensed professional. All terms and conditions of
insurance coverage, including benefits and exclusions, are contained
in the Certificate, which shall control in the event of a conflict
with this overview.
*Plans quoted by Colorado Health Insurance Brokers have the guaranteed
best prices available. Tell
a friend today!
Colorado
Health Insurance Brokers serves Individuals,
Families
and Small
Businesses for their Colorado
Health Insurance needs.
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