The IRS has released the maximum contribution limits for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) for 2018. The IRS also released the maximum deferral and compensation limits for 401(k) accounts.
Health Savings Accounts
Single Coverage Maximum Contribution Limit: $3,450 ($50 increase from 2017)
Family Coverage Maximum Contribution Limit: $6,900 ($150 increase from 2017)
Catchup Maximum Contribution Limit (Age 55+): $1,000 (No change from 2017)
Flexible Spending Accounts
Health FSA Maximum Contribution Limit: $2,650 ($50 increase from 2017)
Parking & Transit Maximum Contribution Limit: $260, per month ($5 increase from 2017)
Dependent Care FSA: $5,000 (No change from 2017)
401(k) Deferral Limit
$18,500 in 2018 ($500 increase from 2017)
401(k) Compensation Limit
$275,000 in 2018 ($5,000 increase from 2017)
Innovative is committed to providing our clients with updated benefits related information as it becomes available. If you have any questions about FSAs, HSAs, 401(k)s, or other benefits related issues, please do not hesitate to contact us. (888) 427-7383.
