By Ric Joyner, MBA, CEBS, GBA, CFCI
Some of our staff were on a seminar that included Roy Ramthun, formerly with the Bush Administration and now with HSA Consulting Services and he shared in the seminar the new changes to HSA indexing amounts for 2011. BenefitBlog.com/eflexgroup has prodded our contacts at the Treasury and IRS about the accuracy of the following comments but have yet to receive an answer. We think that our contacts are mum about indexing because these stats have been released 3 weeks ahead of the IRS formal release and Treasury and IRS do not like getting ahead of their formal releases. Today, however, Consumer Driven Market Report quoted Mr. Ramthun on the HSA indexing, and CDMR has a track record of accurate reporting, and thus we have decided to publish the information.
“The maximum HSA contribution for most people will not change for 2011, former Treasury official Roy Ramthun announced. The contribution limits will remain at $3,050 for individuals with self-only coverage and $6,150 for individuals with family coverage for next year. The annual catch-up contribution for individuals age 55 or older is set by statute and is $1,000 per person for 2011. Ramthun also predicts that no changes will be forthcoming for the HSA-qualified insurance plans either. The minimum deductibles will remain at $1,200 for single coverage and $2,400 for family coverage, and the maximum limits on out-of-pocket expenses will remain at $5,950 for single coverage and $11,900 for family coverage next year”.
“We love the ease of use of your HSA” Susan Baxter, “Our employees have commented on eflex coolness factor when it comes to using their FSA and HSA debit card. The card knows which account to draw from”! James Gervasis
Please note that our adoption rate for eflexHSA product has doubled in 12 months. The product has gained participant and employer acceptance for ease of use because all banking is done in the eflex system and includes 10 Schwab investments! If you are interested in a quote for your group contact email@example.com. Adoption of HSAs market wide is increasing at the rate of 2,000,000 accounts each year. The growth is attributed to employers reacting to the rising costs of insurance by allowing the employees to have “skin in the game” and an HSA paired with a high deductible health plan will work to lower costs and involve the employees. Remember eflex when you are deciding on your next Consumer Driven Health strategy. We will make a great partnership in helping to design a product for you.