The Treasury Department and Internal Revenue Service (IRS) issued the 2018 guidelines on the maximum contribution levels for Health Savings Accounts (HSAs), the minimum deductible amounts and the out-of-pocket maximum amounts.
The 2108 requirements are:
HSA Contribution Limits
- Individual Contribution Limit: $3,450
- Family Contribution Limit: $6,900
HSA Deductible Amounts
- Individual Minimum Deductible: $1,350
- Family Minimum Deductible: $2,700
HSA Out-of-Pocket (OOP) Amounts
- Individual OOP Maximum: $6,650
- Family OOP Maximum: $13,300
Please note: an individual or family plan that meets the deductible and out-of-pocket requirements, doesn’t necessarily qualify one to open an HSA. A plan designated as High Deductible Health Plan (HDHP) will meet these and other requirements necessary for HSA participation. Make sure your plan has HDHP included in its name and/or summary of benefits.
HDHP plans are available through the ACA (CoveredCA and private market) from many carriers and typically are found in the Bronze level of plans, a lower premium category. With rising premiums, HDHP plans coupled with a HSA account, may provide a more balanced long term health insurance solution.
For more information about HSA’s and how they work, visit our web page: http://www.onlyhealthinsurance.com/health-savings-accounts.html