In May 2017, the Internal Revenue Service (IRS) announced new limits for health savings accounts (HSAs). We covered that story here.
On March 5, 2018, the IRS released Revenue Procedure 2018-18, announcing changes to certain tax limits for 2018. One such change is a reduced contribution limit for health savings accounts (HSAs) as a result of the Tax Cuts and Jobs Act enacted late last year.
The lowered HSA contribution limit for individuals with family coverage under a high deductible health plan (HDHP) is now $6,850 for 2018. All other HSA and HDHP limits will remain the same.
Our content provider, Zywave, has provided a Compliance Bulletin to further address the matter. For more detailed information, please read the bulletin here.
All insurance policies are different. Be sure to review your insurance policy for specific information about coverages available to you. Nothing in this post is meant to suggest a guarantee of coverage.