The Internal Revenue Service (IRS) has announced a reduced Health Savings Account (HSA) contribution rate for families with High Deductible Health Plans (HDHPs). The 2018 maximum family contribution rate will be $6850 instead of the $6900 limit that had previously been announced. The maximum self contribution for 2018 will remain $3450.
The IRS has cited recent tax changes and inflation-related increases as the reasons for the change. The new family contribution limit is effective immediately and any contributions over the limit could be subject to taxes and penalties.
For more information, please see IRS Bulletin No. 2018-10. If you have any questions or concerns about your Health Savings Account, please do not hesitate to contact us at 800.541.0006.