IRS sets higher HSA levels for 2008 — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

IRS sets higher HSA levels for 2008

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The maximum contribution to health savings accounts (HSAs) for employees with single coverage will rise to $2,900 for calendar year 2008, up from $2,850 this year, the IRS recently announced.

The maximum contribution for those with family coverage will increase to $5,800 next year, up from $5,650. Also, for 2008, a qualifying high-deductible health plan (HDHP) will be defined as one with a minimum annual deductible of $1,100 for self-only coverage, or $2,200 for family coverage. (IRS Revenue Procedure 2007-36)

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