In an effort to provide needed guidance to brokers and employers, ConnectYourCare, (CYC)--a national leader in consumer-directed health care account solutions--is announcing the inflation-adjusted limits for Health Savings Accounts (HSAs), set forth annually by the Internal Revenue Service (IRS).
The new 2018 HSA contribution limits include:
Maximum HSA Contribution Level
- $3,450 for individual coverage
- $6,900 for family coverage
Minimum Deductible for Qualifying High Deductible Health Plan (HDHP)
- $1,350 for individual coverage
- $2,700 for family coverage
Maximum Out-of-Pocket Expenses for HDHP
- $6,650 for individual coverage
- $13,300 for family coverage
The new limits increase the pre-tax amounts individuals and families may contribute to their HSA over 2017 limits by $50 and $150, respectively, while the deductible for qualifying plans increase by $50 individuals and $100 for families. Out-of-pocket maximums are up $100 for individuals and $200 for families over 2017 limits.
“HSA limit increases are currently tied to inflation, but with HSAs slated to play a pivotal role in health care reform, contribution limits may soon be uncoupled from traditional inflation increases and will give Americans much greater capacity for care-related tax savings,” noted Harrison Stone, General Counsel, ConnectYourCare.
See how HSAs can have a significant impact on retirement savings: http://www.connectyourcare.
About ConnectYourCare
As one of the largest and most responsive providers of health care savings accounts and award-winning solutions, our approach to consumer-directed health care is rooted in creating better, more efficient connections among the people who provide benefits, the people accessing services, and the people who deliver services. Blue chip organizations across the country turn to ConnectYourCare for our highly rated customer service and best-in-class member experience, advanced educational tools for better-informed choices, acceleration of savings with ROI efficiencies and simplification of processes with brilliant customer-focused solutions. There is a unique solution for every company and employee, and we won’t stop working until we connect you with the perfect one. For more information, visit ConnectYourCare.com or follow us on Twitter @ConnectYourCare.
