IRS Sees More HSAs

It seems that individuals who are claiming health saving account deductions are on the raise. I have found that more carriers are developing easy to understand and use plans that are cost effective for the member. If you would like to learn more about health saving accounts and compatible plans, please contact me at RayWard@YourLegacyBenefits.com.

Published 5/29/2009 By ALLISON BELL National Underwriters

The number of U.S. taxpayers claiming health savings account deductions increased 66% in 2007, to 581,438, from 351,170 in 2006.

The Internal Revenue Service has published that data in a collection of preliminary tax return data from 2007.

The total number of returns increased 3.3%, to 143 million, and total adjusted gross income increased 6.9%, to $8.5 trillion.

Over that same period, the value of HSA contribution deductions increased 71%, to $1.4 billion. The average HSA deduction per HSA deduction filer increased to $2,490, from $2,407 in 2006.

The number returns that included estate and trust income fell 1%, to 498,106.

The number of returns that included taxable individual retirement account distributions increased 11%, to 11 million, and the total value of those IRA distributions climbed 19%, to $149 billion.

A copy of the IRS 2007 preliminary data report is available here