Tax Reform Changes Family Contribution Limit for HSAs
On Monday, March 5, 2018, the IRS announced that the maximum family contribution limit to a Health Savings Account (HSA) has been reduced from $6,900 to $6,850 for 2018.
This is the result of changes in cost of living increases under the new tax bill and is effective immediately. Employees who have already contributed the previous maximum amount for 2018 of $6,900 will need to receive a refund of the excess contribution. The individual contribution limit for 2018 remains $3,450.
At Cornerstone, we keep you informed about current legislative news related to health savings, employee benefits, and other human resources information. Contact our employee benefits administration company today if you’d like more information.
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