2018 HSA Limits (Updated March 6, 2018)
(The IRS released Internal Revenue Bulletin 2018-10 on March 5, 2018 that adjusted the Health Savings Account Family Contribution limit down to $6,850 [previously announced as $6,900]. We recommend sharing this information with employees to help them avoid potential excise tax and penalty)
The IRS has released Revenue Procedure 2017-37 notifying Health Savings Account owners of the funding and deductible limits effective January 1, 2018.
Annual HSA Contribution Limits:
- Single – $3,450 ($50 increase from 2017)
- Family – $6,850 ($150 increase from 2017)
Annual Minimum Required Deductibles:
- Single – $1,350 ($50 increase from 2017)
- Family – $2,700 ($100 increase from 2017)
Out-of-Pocket Maximums:
- Single – $6,650 ($100 increase from 2017)
- Family – $13,300 ($200 increase from 2017)
HSA Reporting Reminder:
If you are 55 years old or older and enrolled in a high deductible health plan an additional $1000 can be added to these total amounts. This is considered a “Catch-up” contribution.
For more information on Health Savings Account (HSA) eligibility and utilization please contact your KBM Management Account Executive today.