HSA Amounts for 2018

The HSA amounts are indexed earlier in the year (normally in May) than other indexed items (normally in December).  Here are the indexed amounts for HSAs for 2018.

** The CONTRIBUTION limitations for 2018 are:
Single coverage is $3,450 (up from $3,400 for 2017)
Family coverage is $6,900 (up from $6,750 for 2017)
(The catch up amount for taxpayers reaching age 55 or older by the end of the year remains at $1,000)

** A HIGH DEDUCTIBLE health plan is a plan that has an annual deductible that is not less than:
$1,350 for self-only coverage (up from $1,300 for 2017)
$2,700 for family coverage (up from $2,600 for 2017)

** The annual OUT-OF-POCKET expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed:
$6,650 for self-only coverage (up from $6,550 for 2017)
$13,300 for family coverage (up from $13,100 for 2017)

A copy of the Revenue Procedure can be found at www.irs.gov/pub/ by clicking on irs-drop and then on rp-17-37.


This text has been shared with you courtesy of Ashwaubenon Tax Professionals and David & Mary Mellem, EAs.