IRS Adjusts 2018 HSA limits

On Monday the IRS announced a reduction to the 2018 Health Savings Account (HSA) family contribution limit to $6,850 from the previously set amount of $6,900. If you have already contributed the maximum amount to your Family HSA for 2018, this could mean that election changes may be required and excess contributions may need to be returned. Contact Participant Services …

HSA and FSA Limits for 2018 announced

FLEXIBLE SPENDING ARRANGEMENTS (FSAs)Salary Reduction Annual LimitEmployee 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 LimitationSelf-only coverage under a high deductible health plan is $3,450 (up $50 from 2017). Family coverage under a high-deductible health …

HSA Update -why you should be using them!

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. …

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 …