Projected 2007 Cost of Living Adjustments for Certain Benefit Plans

Projected 2007 Cost of Living Adjustments for Certain Benefit Plans

Following are 2007 projected cost of living increases for HSAs, MSAs, long term care and qualified transportation.  These are based on the Consumer Price Index (CPI) recently issued.  Important to note, these are not the official figures from the IRS; they are projections.  As soon as the official figures have been issued, we will provide them to you.

Health Savings Accounts

 

Projected 2007

Individual/Self-only

 

Family

 

HDHP Annual Deductible

 

 

$1,100

 

$2,200

 

Out-of-Pocket Expenses

 

 

$5,500

 

$11,000

 

Contribution Limits

  Lesser of:

  • Annual deductible ($1,100+); or
  • $2,850

  Lesser of:

  • Annual deductible ($2,200+); or
  • $5,650

Archer Medical Savings Accounts

 

Projected 2007

Single

 

Family

 

HDHP Annual Deductible

 

 

Between $1,900 and $2,850

 

Between $3,750 and $5,650

 

Out-of-Pocket Expenses

 

 

$3,750

 

$6,900

Long-Term Care Premiums

 

Age at end of tax year

 

Projected 2007 Premium Limit

<40

$ 290

>40 but <50

$ 550

>50 but <60

$ 1,100

>60 but <70

$ 2,950

>70

$ 3,680

Transportation Benefits

 

 

2006

 

Projected 2007 Limit

Commuter Highway Vehicle and Any Transit Pass

 

$105

 

$110

                                    Qualified Parking

$205

$215

 

 

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

 

Projected 2007 Cost of Living Adjustments for Certain Benefit PlansFollowing are 2007 projected cost of living increases for HSAs, MSAs, long term care and qualified transportation.&#160; These are based on the Consumer Price Index (CPI) recently issued.&#160; Important to note, these are not the official figures from the IRS; they are projections.&#160; As soon as the official figures have been issued, we will provide them to you....2006-10-04T16:00:00-05:00

Following are 2007 projected cost of living increases for HSAs, MSAs, long term care and qualified transportation.  These are based on the Consumer Price Index (CPI) recently issued.  Important to note, these are not the official figures from the IRS; they are projections.  As soon as the official figures have been issued, we will provide them to you.