WASHINGTON – The Treasury Department and IRS have issued new guidance on the maximum contribution levels for HSAs and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs. The amounts have been indexed for cost-of-living adjustments for 2005, and the minimum deductible required for HDHPs did not change. For 2005, the maximum annual HSA contribution for an eligible individual with self-only coverage is $2,650 and $5,250 for family coverage. In addition, catch up contributions for individuals who are 55 or older has increased to $600. Next year the maximum annual out-of-pocket amount for HDHP self-coverage increases to $5,100 and $10,200 for HDHP family coverage. For more detailed information regarding these changes visit www.treas.gov/press/releases/reports/111904revproc200471.pdf.
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