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.