IRS Reduces HSA Limit for Family Coverage in 2018
Wednesday, March 7, 2018
Posted in Benefits Briefs
On March 5th the IRS announced changes to certain tax limits for 2018, including a reduced contribution limit for HSAs. The IRS lowered the HSA contribution limit for individuals with family coverage under a high deductible health plan (HDHP) from $6,900 to $6,850 based on the new consumer price index put in place by the Tax Cuts and Jobs Act.
Employers with HDHPs should inform their employees about the reduced HSA contribution limit for family coverage. Employees may need to change their HSA elections going forward to comply.
Any individuals with family HDHP coverage who have already contributed $6,900 for 2018 should contact their HSA administrator and ask for a refund for the excess of $6,850. Please find the member services phone number for your HSA Administrator below.
Employers with HDHPs should inform their employees about the reduced HSA contribution limit for family coverage. Employees may need to change their HSA elections going forward to comply.
Any individuals with family HDHP coverage who have already contributed $6,900 for 2018 should contact their HSA administrator and ask for a refund for the excess of $6,850. Please find the member services phone number for your HSA Administrator below.
HealthEquity - 866.346.5800
HSA Administrators - 888.354.0697
BenefitWallet - 877.472.4200
HSA Bank - 800.357.6246
HSA Administrators - 888.354.0697
BenefitWallet - 877.472.4200
HSA Bank - 800.357.6246
Filed Under: Benefits Briefs