The IRS recently released Revenue Procedure 2017-37, which provides information on the limits for Health Savings Accounts (HSAs) for 2018. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,450. The deduction limitation for an individual with family coverage will be $6,900. Please note, these limits […]
On Thursday, the IRS released the 2017 inflation adjusted amounts for Health Savings Accounts (HSAs). The maximum contribution amounts for calendar year 2017 will increase by $50 for individuals with self-only coverage under a high deductible plan to $3,400, while the contribution maximum will remain flat for family coverage at $6,750. Sincerely,
As savings vehicles go, Health Savings Accounts, or H.S.A.s, are rainy day funds with generous benefits. The funds are tax-advantaged accounts that have been available since 2003 to taxpayers with high-deductible health plans (currently plans with deductibles of at least $1,300 for individuals and $2,600 for families). They were intended to cover out-of-pocket medical expenses, […]
Health plans that shift more up-front costs onto you are rapidly becoming the norm. But millennials don’t seem happy about taking on the risk, even in exchange for a lower price. Millennials want their parents’ old health insurance plan. A new survey from Bankrate found that almost half of 18-to-29-year-olds prefer a health plan with […]
Health savings accounts are gaining in popularity with small to mid-size employers at the same time the appeal of health reimbursement accounts is waning. A recent United Benefit Advisors survey finds HSAs are outpacing HRAs in both adoption and participation rates. The number of employers offering HSAs increased from 14.7% to 15.1% in 2013, and […]
The IRS released increases for HSAs and high-deductible health plans (HDHPs) for 2015. The maximum annual HSA contribution for self-only HDHP coverage will increase from $3,300 to $3,350. The maximum annual HSA contribution for family HDHP coverage will increase from $6,550 to $6,650. The age 55 catch-up contribution continues to be $1,000 The minimum HDHP […]