2008 HSA Rule Changes

In 2007, it was mandated that the Federal government had to come out with any changes to HSAs in a given year by June the year prior.  Mirable dictu, for 2008, the government has complied with this rule!  It may seem a bit premature to report on this now since we're still several months off from 2008, but the information is out there, so better to know sooner rather than later.  After all, the whole reason that one of the HSA rule changes for 2007 was a mandate to report changes for the upcoming year by June was to provide people enough time to plan, so here goes:

• The maximum contribution for individuals will be increased $50 from the 2007 amount of $2,850 to $2,900.  Modest, yes, but better than nothing.
• For HSA-qualified plans that cover more than one person, the maxiumum contribution amount will increase in 2008 to $5,800.
• The maximum Deductible amount that an insurance company will be allowed to set for an HSA in 2008 will be $5,800 for an individual plan, $11,200 for a plan covering more than one person.
• In 2008, the catch-up contribution for HSAs will increase to $900.