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Recent and Future Developments for Health Savings Accounts Roy Ramthun, President HSA Consulting Services, LLC February 1, 2007 HSA Improvements (P.L. 109-432) HSA Funding from FSAs and HRAs Allows an employee to begin funding of their HSA with unused FSA and HRA dollars through a one-time tax-free transfer Transfers from Retirement Accounts to Health Savings Accounts Allows taxpayers to make a one-time distribution from an IRA to an HSA so HSA funds are immediately available to meet family health needs Additional Flexibility for Employer Contributions Allows an exception to the comparability rules so employers can fund the accounts of lower-paid workers HSA Improvements (P.L. 109-432) Increase in HSA Contribution Limits Allows individuals to contribute up to the statutory maximum annual contribution limits ($2,850 for single coverage and $5,650 for family coverage for 2007), regardless of the individual’s deductible (as long as it is an HSA-qualified plan) Expanded Contribution Limit for Part-Year Coverage Allows people who begin their HSA-qualified coverage part way through the year and are subject to the entire calendar-year deductible to make a full annual HSA contribution, rather than pro-rating the contribution for the number of months of HSA-qualified coverage Earlier Notification of Cost of Living Adjustment Requires the Secretary of the Treasury to announce inflation adjustments for HSA amounts by June 1st of each year HSA Improvements (P.L. 109-432) Regulatory Guidance expected soon Many provisions self-implementing Biggest questions: IRA transfers Process for IRA to HSA transfers Can people convert 401(k) funds to IRA funds to HSA funds Can people transfer funds from Roth IRAs Can people transfer funds from SEP or SIMPLE IRAs FSA/HRA transfers HSA Improvements (P.L. 109-432) FSA/HRA transfers Technical problems Determining the rollover amount Current FSA coverage Zero balance after rollover requirement September 21, 2006 “lesser of” date Unclear