Because of the tax-favored treatment of a high-deductible health plan (HDHP) integrated with a health savings account (HSA), individuals are required to pay out-of-pocket for all medical expenses, with the exception of qualified preventive care, until the plan deductible is satisfied. In Notice...
The IRS issued new contribution limits this month for tax-advantaged accounts. The limits, adjusted for inflation annually, are effective January 1, 2020. Limits for cafeteria plans were adjusted slightly.
Contribution limits for Health Savings Accounts (HSAs) will bump up $50 for self-only coverage and $100 for family coverage, the IRS recently announced. HSA contribution and plan limits will increase to $3,550 for self-only coverage and $7,100 for family coverage.
The IRS has announced the 2019 HSA maximum contribution limits detailed in the newly released Revenue Procedure 2018-30. HSA contribution and plan limits will increase to $3,500 for self-only coverage and $7,000 for family coverage. Changes to these limits will take effect January 2019.
The IRS announced on Thursday, April 26, that it’s modifying the annual limitation on 2018 HSA family contributions. Under Rev. Proc. 2018-27, taxpayers will be allowed to treat $6,900 as the annual limitation for 2018, as opposed to the $6,850 limitation announced earlier this year.