The Internal Revenue Service (IRS) recently released Revenue Procedure 2017-37, which adjusts the limits on contributions to Health Savings Accounts (HSAs) for 2018 based on inflation. The updated limits are listed below:
|HSA Contribution Amounts||Individual||$3,400||$3,450|
|Minimum HDHP Deductible Amounts||Individual||$1,300||$1,350|
|Maximum Out of Pocket HDHP Amounts||Individual||$6,550||$6,650|
These new limits will go into effect in calendar year 2018. These limits reflect current law, and are subject to change. HR Knowledge will monitor communications from the IRS and provide updates if necessary.
Next Steps for Employers:
- Note the new 2018 limits: Employers should update their plan documents with the new IRS limits.
- Notify HR Knowledge of all plan changes so we may capture these changes on your benefits-at-a-glance and other important documents by emailing our benefit support team.
This content is provided with the understanding that HR Knowledge is not rendering legal advice. While every effort is made to provide current information, the law changes regularly and laws may vary depending on the state or municipality. The material is made available for informational purposes only and is not a substitute for legal advice or your professional judgment. You should review applicable laws in your jurisdiction and consult experienced counsel for legal advice. If you have any questions regarding this advisory, please contact HR Knowledge at 508.339.1300 or email us.