SMB Now Blog: The blog for small to medium sized business.

HSA Raises Contribution Limits for SMBs

Great news for all those SMBs with employee HSA account holdders, the 2008 HSA Contribution and Out-of-Pocket Maximums and High Deductible Health Plan (HDHP) Minimums have been raised.

The new Maximum Contribution for 2008:
* Increases the maximum contribution to $2,900 (individual coverage) $5,800 (family coverage) regardless of deductible and number of months in the high deductible health plan.

* Catch-up contribution (age 55 and over): $900 for 2008
As an FYI, funds contributed in excess of $6,700 ($5,800 + $900 catch-up) attributable to 2008 will be rejected for “over contribution.” The comparable level is $6,450 ($5,650 + $800 catch-up) for 2007.

Maximum out-of-pocket – increases to $5,600 for individual coverage (up from $5,500) and to $11,200 for family coverage (up from $11,000) for 2007
Minimum deductible for qualified high deductible health plans remains at $1,100 for individual coverage and at $2,200 for family coverage

Read the HSA Case Study

0saves
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.
This entry was posted in Uncategorized and tagged , , . Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

One Comment

  1. Andy Wendt
    Posted December 24, 2007 at 2:10 pm | Permalink

    Here is a comment to chew on: We just switched to his an HSA. Prior to the switch we were with Anthem and traditional coverage when I received a CAT scan. My portion after the insurance was $550. After the switch to the HSA my co-worker received a CAT scan from the same facility. He was now on the HSA. His bill was $650 of which over $300 was deposited to his personal HAS that month by his employer. So his real expense for the CAT scan was offset by $300 by while in my scenario the employer’s contribution of $300 went entirely to Anthem.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>