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October 23, 2018

HRA Expansion

May 11, 2018

IRS Releases 2019 Limits for HSAs

Today the IRS released Revenue Procedure 2018-30 which provides the 2019 inflation-adjusted amounts for high deductible health plans (HPHPs) Health Savings Accounts.  https://www.irs.gov/pub/irs-drop/rp-18-27.pdf

The amounts for HSAs for 2019 as compared to 2018 are as follows:

 2018                                                                                        2019
Rev. Proc. 2017-37                                                                 Rev. Proc. 2018-30

Annual limitation on deductions to a HSA – self-only coverage 

$3,450                                                                                      $3,500
 

Annual limitation on deductions to a HSA – family coverage 
$6,900*                                                                                    $7,000
 

HDHP – self-only coverage

  • Annual deductible not less than:

$1,350                                                                                      $1,350 

  • Annual out-of-pocket expenses do not exceed:

$6,650                                                                                      $6,750
 

HDHP – family coverage

  • Annual deductible not less than:

$2,700                                                                                      $2,700

  • Annual out-of-pocket expenses do not exceed:

$13,300                                                                                    $13,500
 

*See IRS Rev. Proc. 2018-27 which provided relief from the deduction amount announced in Rev. Proc. 2018-10.

April 25, 2018

IRS Provides Relief from Decrease in Maximum Annual HSA Contribution

The Tax Cuts and Jobs Bill enacted late last year changed in the way the IRS was to calculate cost-of-living increases.  Revenue Procedure 2018-18 released on March 3, 2018, provided these new recalculated limitations -  including a reduction in the maximum family HSA contribution for those with family coverage under an HDHP from $6,900 (as previously announced in Rev. Proc. 2017-37 on May 4, 2017) to a new limit of $6,850.  Stakeholders (including ECFC) and members of Congress contacted the IRS and the Treasury Department requesting relief from the reduction in the maximum family HSA contribution limit.
 
Today, the IRS released Revenue Procedure 2018-27 which provides that for 2018, taxpayers may treat $6,900 (rather than $6,850) as the maximum annual family HSA contribution limitation.  The Rev. Proc. also provides guidance on how to handle distributions from an HSA which were meant to reduce a contribution of $6,900 to the $6,850 contribution amount announced in Rev. Proc. 2018-18.  This Rev. Proc. states that an individual who has received a corrective distribution may (but is not required to) repay the contribution to the HSA up to the $6,900 amount.

October 19, 2017

FSA, Transit, and Parking Limits Increased

The 2018 health FSA limit has been increased to $2,650.

The 2018 transit and parking limits have been increased to $260.

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