Tag Archives: hsa

HSA and FSA Limits for 2018 announced

FLEXIBLE SPENDING ARRANGEMENTS (FSAs)
Salary Reduction Annual Limit
Employee contributions to employer-sponsored health flexible spending arrangements (FSAs) will increase to $2,650 (up $50 from 2017).

2015 2016 2017 2018
Salary Reduction Annual Limit $2,550 $2,550 $2,600 $2,650

 
HEALTH SAVINGS ACCOUNTS (HSAs)
Annual Contribution Limitation
Self-only coverage under a high deductible health plan is $3,450 (up $50 from 2017). Family coverage under a high-deductible health plan is $6,900 (up $150 from 2017).

Deductibles 
For calendar year 2018, a “high-deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $6,650 for self-only coverage (up $100 from 2017) or $13,300 (up $200 from 2017) for family coverage.

2015 2016 2017 2018
Minimum deductible amounts for the qualifying high-deductible health plan (HDHP)
Individual coverage $1,300 $1,300 $1,300 $1,350
Family coverage $2,600 $2,600 $2,600 $2,700
Maximum contribution levels
Individual coverage $3,350 $3,350 $3,400 $3,450
Family coverage $6,650 $6,750 $6,750 $6,900
Catch up allowed for those 55 and over $1,000 $1,000 $1,000 $1,000
Maximums for HDHP out-of-pocket expenses
Individual coverage $6,450 $6,550 $6,550 $6,650
Family coverage $12,900 $13,100 $13,100 $13,300


QUALIFIED SMALL EMPLOYER HEALTH REIMBURSEMENT ARRANGEMENTS (QSEHRAs) 
For tax year 2018, to qualify as a QSEHRA, the total amount of payments and reimbursements cannot exceed $5,050 per employee (up from $4,950 for 2017) or $10,250 per family (up from $10,000 for 2017).
 

2016 2017 2018
Individual coverage $4,950 $4,950 $5,050
Family coverage $10,000 $10,050 $10,250

HSA Update -why you should be using them!

Health savings account with conover consulting logo and start saving explanation

Great article byLoretta Metzger, Employee Benefit Advisor, 3/13/17

As the cost of healthcare zooms upward, many employers are shifting to high-deductible health plans, which include a lower monthly premium and, as the name implies, a higher deductible. In 2016, 29% of all insured employees were enrolled in HDHPs — an increase of 9% since 2014, according to Kaiser Family Foundation. Often, employers offer health savings accounts along with HDHPs to enable employees to save money tax-free for medical expenses.

Read more ...

HSA limits for 2017 released

2017 HSA Contributions
The IRS issued Rev. Proc. 2016-28 establishing the 2017 contribution limits for Health Savings Accounts. Individuals with self-only coverage under a high-deductible health plan will be permitted to contribute $3400 (up $50 from 2016), and $6,750 for individuals with family coverage under a high-deductible health plan.  The out-of-pocket maximums for 2017 will remain the same at $6550 for self-only coverage and $13,100 for family coverage.

Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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