HSA Contribution Limits for 2018
Every year the IRS announces the new contribution limits to HSA plans. For 2018, they announced that the 2018 limit for a family plan was $6,900 and the limit for an individual plan was $3,450.
For some reason, the IRS decided they made a mistake and lowered the family contribution to $6,850 for 2018. However, they received so many complaints because of the retroactive change, they have decided to waive the penalties for over-contributing to a family plan in 2018.
Confusing right? Bottom line, you can contribute $6,900 to a family plan or $3,450 to an individual plan for 2018.
Despite the confusion caused by the IRS, if you have an insurance plan that is eligible for an HSA account, you should max out your contributions if possible. If your budget does not allow you to max out your HSA contributions – you should at least contribute enough to pay your current medical expenses.
If you have any questions regarding your HSA account please give us a call.
Karena Sylvester, CPA