The IRS has issued Revenue Procedure 2007-36 which incorporates changes made to Health Savings Accounts by the Health Opportunity Patient Empowerment Act of 2006 (the "Act"). The Act modified the maximum annual contributions for Health Savings Accounts (HSA). Previously, the maximum HSA contribution was the lesser of the annual deductible under the high deductible health plan associated with the HSA or an indexed statutory amount. The Act modified this limit such that the maximum annual HSA contribution is solely the indexed statutory amount.
To view the modified 2007 Benefit Plan Dollar Limitations chart, please click here. If you have any questions regarding HSA contributions or any other benefit plan issues please contact a member of the Gray Plant Mooty Employee Benefits and Executive Compensation Practice Group.
This article is provided for general informational purposes only and should not be construed as legal advice or legal opinion on any specific facts or circumstances. You are urged to consult a lawyer concerning any specific legal questions you may have.
Gray Plant Mooty is recognized as one of the leading corporate law firms in Minnesota and one of the top franchise firms in the world. Our roots go back to 1866. Today, we are a 180-plus attorney, full-service firm with offices in Minneapolis and St. Cloud, Minnesota; Washington, D.C.; and Fargo, North Dakota.