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IRS Changes HSA Limit on Family Contributions

From the April 2018 Benefits eNews

The Internal Revenue Service (IRS) recently changed the contribution limits for health savings accounts (HSAs) covering families. The 2018 contribution limit for HSAs linked to family coverage will be $6,850 — not $6,900, as the IRS had previously announced. The individual contribution limit for 2018 will remain $3,450.

Since the IRS reduced the maximum contribution amount for 2018, your annual contribution will be lowered to $6,850 ($7,850 if eligible for catch-up contributions). No action on your part is required. You will receive a confirmation statement that shows your new reduced annual HSA contribution amount. You will also notice a slight decrease in the HSA deduction from your paycheck.

If you have already contributed more than the new allowable maximum in 2018, the HSA bank will determine how the excess (up to $50) will be handled – you will not lose your money. You can expect to hear more about this process later this year.

Topics:

Health Savings Account (HSA)

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