HSA owners, rejoice! 2018 HSA contribution limits are going up, as are maximum out-of-pocket expenses and minimum deductibles. Here’s a quick overview and chart of the 2018 HSA parameters.
On May 4, 2017, the Internal Revenue Service (IRS) released the 2018 inflation-adjusted amounts for Health Savings Accounts (HSAs). Contribution limits, minimum deductibles, and the maximum for out-of-pocket expenses all go up in 2018.
Good news for HSA owners! Starting January 1, 2018, the annual maximum contribution levels will increase for both individual and family coverage. Participants with individual coverage will be able to contribute $3,450, $50 more than in 2017. Account holders with family coverage may contribute up to $6,900, a $1,500 increase from 2017 limits.
The IRS also raised the minimum deductible for qualified high deductible health plans (HDHPs) for the first time since 2015.
In 2018, the individual coverage minimum deductible is $1,350, up $50; the family coverage minimum deductible goes up to $2,700, a $100 increase.
The maximum limit for out-of-pocket expenses is going up in 2018, as well. The last increase was in 2016.
Next year, those with individual coverage will have a $6,650 limit, a $100 increase. Account holders with family coverage see a $200 increase to $13,300.
The catch up contribution limit did not change for 2018. HSA owners who are 55 years of age and older will be able to contribute $1,000 over the annual contribution limit.
The chart below provides a quick reference to 2018 HSA Contribution Limits, Minimum Deductibles, and Out-of-Pocket Expenses.
|Contribution Limits||Individual: $3,400
|Minimum Deductible for HDHPs||Individual: $1,300
|Maximum Out-of-Pocket Expenses||Individual: $6,550