03 Oct Changes Coming to HSA Limits in 2018
The IRS has released their inflation adjusted figures for the 2018 calendar year for annual contribution limits to health savings accounts (HSA) and the minimum and maximum out-of-pocket expense amounts for high-deductible health plans Individuals who participate in a high-deductible health plan (HDHP) are permitted to a deduction for contributions to HSAs set up to help pay their medical expenses.
The new limits are as follows:
• The contribution deduction limit on deductible contributions will be $3,450 for all individuals with self-only coverage ($3,400 in 2017) and $6,900 for family coverage ($6,750 in 2017)
• The lower limits for the annual deductible under an HDHP (High deductible health plan) for self-only coverage and family coverage increased from 2017. The limit is $1,350 for self-only coverage and $2,700 for family coverage.
• The upper limit for out-of-pocket expenses will rise as well. The limit for self-only coverage will be $6,650 and family coverage will be $13,300.
Contact our office @ 616-456-5530 to discuss your HSA options.