The Internal Revenue Service (IRS) has announced the inflation-adjusted Health Savings Accounts (HSAs) contribution limits and minimum deductible amounts as determined under the Internal Revenue Code. All of the amounts have risen for calendar year 2018 as compared to 2017.
Annual Contribution Limitation
For calendar year 2018, the annual limitation on deductions for an individual with self-only coverage under an HSA high deductible health plan is $3,450 (up from $3,400 for 2017). The annual limitation on HSA deductions for an individual with family coverage under a high deductible health plan is $6,900 (up from $6,750 for 2017).
High Deductible Health Plan Cost Parameters
For calendar year 2018, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,650 for self-only coverage or $13,300 for family coverage.
You may view the IRS Revenue Procedure 2017-37 announcing the 2018 amounts by clicking here.