May 2008
2008 FUNDING LIMITS FOR HSA ACCOUNTS
For 2008, the contribution limit for an individual with self-only coverage under a qualifying high deductible health plan is $2,900. For an individual with family coverage, the limit is $5,800.
A qualifying high deductible health plan, for 2008, is defined as a health plan with an annual deductible greater than or equal to $1,100 for self-only coverage, or $2,200 for family coverage (unchanged from 2007). The limit on annual out-of-pocket expenses is $5,600 for self-only coverage, or $11,200 for family coverage.
The current limits and corresponding 2007 limits for self-only and family coverages are compared in the chart below.
|
2007 |
2008 |
Self-only coverage minimum deductible |
$1,100 |
$1,100 |
Self-only coverage maximum out of pocket |
$5,500 |
$5,600 |
Self-only coverage maximum HSA contribution |
$2,850 |
$2,900 |
Family coverage minimum deductible |
$2,200 |
$2,200 |
Family coverage maximum out of pocket |
$11,000 |
$11,000 |
Family coverage maximum HSA contribution |
$5,650 |
$5,800 |
Catch-Up Contributions (age 55 or older) |
$800 |
$900 |