Attorneys & Professionals
The Tax Cuts and Jobs Act changed the indexing of numerous dollar amounts under the Internal Revenue Code effective in 2018. The IRS has now announced that a limit on 2018 health savings accounts (HSA) contributions that was published before the Tax Cuts and Jobs Act must be reduced by $50 due to the new indexing.
|Maximum 2018 HSA Contribution|
|Single coverage||$3,450 (no change)|
|Family coverage (one or more family members)||$6,850 (reduced from $6,900)|
If you have a HSA-compatible high deductible health plan (HDHP), you will want to communicate the new limit to impacted employees and reprogram your system to prevent contributions from exceeding the limit.