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Monday, 08 May 2017 10:58

2018 HSA Limits Announced

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In early May, the IRS published inflation-adjusted Health Saving Account (HSA) contribution limits for 2018, along with minimum deductible and maximum-out-of-pocket expenses for the high deductible health plans (HDHP) associated with HSAs. 
Except for HSA catch-up contributions, there are increases across the board. 
  • The HSA contribution limits have increased $50 for self-only coverage and $150 for family coverage. 
  • The HDHP minimum deductible has increased $50 for self-only coverage and $100 for family coverage. 
  • Finally, the maximum-out-of-pocket expenses for the HDHP plans has increased $100 for self-only coverage and $200 for family coverage.  
 
All changes are based on cost-of-living adjustments determined by the IRS.
 
A comparison of the last few years is shown in the table below:

 

2018

2017

2016

HSA contribution limit

(employer + employee)

Self-Only $3,450

Family $6,900

 Self-only $3,400

Family $6,750

 Self-only $3,350

Family $6,750

HSA catch-up contributions
(Age 55 or older) *

 $1,000

 $1,000

 $1,000

HDHP minimum deductibles

Self-only: $1,350

Family: $2,700

Self-only: $1,300

Family $2,600

Self-only: $1,300

Family $2,600

HDHP maximum out-of-pocket amounts

(Deductibles, co-payments and other amounts, but not premiums)

Self-only: 6,650

Family: $13,300

Self-only: $6,550

Family $13,100

Self-only: $6,550

Family $13,100

 * Catch up contributions can be made any time during the year the HSA participant turns 55.


Click here for the IRS publication. Please contact us if you have any compliance or strategy questions.  We’d love to work with you to maximize these tax-advantaged strategies.
 
Read 111 times Last modified on Wednesday, 24 May 2017 11:36
Kristen Russell

Kristen founded Fall River Employee Benefits as the culmination of her insurance industry career as an actuary, underwriting executive & consultant. As an Assistant Vice President at Great-West Healthcare (now part of CIGNA), she managed a $1 Billion block of health insurance. She also worked as a Senior Consultant at Reden & Anders, consulting to insurance companies and large employers throughout the country. Ms. Russell received a Bachelor of Science, Business Administration in Actuarial Science, is a member of the American Academy of Actuaries and achieved Fellowship in the Society of Actuaries through a rigorous nine-year series of exams.

Kristen grew up in Iowa but has lived in Colorado since 1993, currently living near our office in the Lower Highlands neighborhood near downtown Denver.  She enjoys bicycling, hiking, traveling and has a special passion for non-profit volunteering. She is married to an incredibly talented photojournalist, has two adult stepdaughters and an adorable Border Collie/Lab mix named Chaco.