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WASHINGTON--The maximum contributions that can be made to health savings accounts in 2007 will increase, while the minimum deductible imposed on health insurance plans linked to HSAs and the maximum out-of-pocket expenses that employees can be required to pay also will rise, the Internal Revenue Service announced Thursday.
In 2007, the maximum contribution that can be made to an HSA for employees with single coverage will be $2,850, up from $2,700 in 2006, while the maximum contribution for those with family coverage will rise to $5,650, up from $5,450 this year.
Additionally, the maximum out-of-pocket expense--including deductibles--that employees with single coverage can be required to pay will rise to $5,500, up from $5,250 in 2006, and to $11,000, up from $10,500, for those with family coverage.
The minimum deductible of the high-deductible health insurance plan to which HSAs must be linked will increase to $1,100, up from $1,050, for employees with single coverage, while the minimum deductible for those with family coverage will increase to $2,200, up from $2,100.
The new limits reflect increases in the cost of living.