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Published on May 4
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IRS announces changes to the Family HSA contribution limit.
Details of the update
In a reversal of a previous decision, the IRS announced on April 26, 2018 that, for tax year 2018, taxpayers with family high deductible health plan (HDHP) coverage may treat $6,900 as the annual contribution limit to their health savings accounts (HSAs).
Earlier this year, the IRS announced that the HSA contribution limit for individuals with family HDHP coverage would be reduced from $6,900 to $6,850. In the aftermath of this announcement, the IRS received complaints that implementation of the $50 reduction would be difficult and costly.
Spread the word
Employers offering HDHPs should inform their employees about the change in the HSA contribution limit for family HDHP coverage. Employees may wish to change their elections in light of the $6,900 limit.
For more information on Revenue Procedure 2018-27, please click here.
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