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The Internal Revenue Service (IRS) has announced that the 2018 annual limitation on health savings account (HSA) contributions by individuals with family coverage under a high deductible health plan (HDHP) is now $6,850. This limit was previously announced as $6,900, but has been revised downward due to an inflation adjustment provision in the Tax Cuts and Jobs Act. The 2018 annual limitation on HSA contributions by an individual with self-only coverage under a HDHP remains unchanged at $3,450.
Click here to read the IRS announcement. For information on how to properly adjust employer or employee contributions to comply with the newly announced limit, please contact the IRS.
Check out our Health Savings Accounts section for more on HSAs.
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