2018 Health Savings Account Limits Released
The IRS has announced the 2018 inflation-adjusted amounts for Health Savings Accounts (HSAs).
Annual Contribution Limitation
For calendar year 2018, the annual limitation on HSA deductions for an individual with self-only coverage under a 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 Amounts
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 annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $6,650 for self-only coverage or $13,300 for family coverage.
to read the IRS announcement on these amounts.
Article reprinted with permission from HR360.com