With last week’s release of the July 2006 inflation figures, only one month remains until the inflation-adjusted amounts for health savings accounts (HSAs) for 2007 will be known, says Roy Ramthun, President of newly-formed HSA Consulting Services.  “Looking at the past 11 months of data indicates that the most likely amount for the maximum HSA contribution (not including catch-up contributions) will be $2,850 for self-only coverage, and $5,650 for family coverage in 2007.”  The annual catch-up contribution for individuals age 55 or older is set by statute and will be $800 per person for 2007.

Ramthun says that for insurance plans offering HSA-qualified high deductible health plans (HDHPs), “It appears that the minimum deductible for HSA-qualified high deductible health plans (HDHPs) will be $1,100 for self-only coverage and $2,200 for family coverage policies.”  Ramthun says that the minimum deductible will not likely change no matter what the August 2006 inflation number is.  However, he says that the out-of-pocket limits for HDHPs in 2007 is less certain.

“If inflation follows recent trends, the out-of-pocket maximums in 2007 will likely be $5,500 for self-only policies and $11,000 for family coverage policies.  However, if inflation for August comes in below recent trends, the out-of-pocket limits could be as low as $5,450 for self-only policies and $10,900 for family policies.” 

For any company that wants to put their 2007 plans together now, the lower out-of-pocket amounts are safer to use, says Ramthun.  The August inflation numbers will be published in mid-September, but the official inflation adjusted amounts will not be published by the IRS until later this fall.