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2018 Health Savings Account Contribution Limits Change Once Again

Friday, April  27,  2018

If you recall, after the passing of the tax reform bill, known formally as the Tax Cuts and Jobs Act, the IRS adjusted the amount for HSA family contributions from $6,900 to $6,850 due to a change in inflation calculations. After public outcry and consideration of the administrative and financial burdens this change would have on tax payers, the IRS has released a notice allowing for taxpayers to treat $6,900 as the annual limitation for an individual in family coverage under a high deductible health plan (HDHP) for 2018.

The IRS allows for individuals who have reduced their HSA contribution to meet the $6,850 change, via a distribution from the account, to repay the additional $50 without requiring an additional reporting to the IRS. Therefore, individuals who wish to maximize their HSA contribution limit, for 2018, may utilize the $6,900 limit, if enrolled in family coverage under a qualified HDHP, for eligible medical expenses.

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