The IRS has recently issued Revenue Procedure 2017-37, which provides 2018 HSA contribution and coverage limits. For 2017 HSA’s, the limits have changed not just for contributions but for both self and family coverage as well.
HSAs are a great way for employers and employees to control cost while still providing a rich benefits package. HSAs also have their tax benefits:
- Contributions reduce taxable income.
- Account earnings are tax-free and distributions for HSA qualified expenses aren’t taxed.
Inflation adjusted amounts for Health Savings Accounts (HSAs) below:
|Health Savings Accounts||2018||2017|
|Self Only Coverage|
|Self-only coverage annual minimum deductible||$1,350||$1,300|
|Self-only coverage maximum out of pocket||$6,650||$6,550|
|Self-only coverage maximum HSA contribution||$3,450||$3,400|
|Family coverage annual minimum deductible (Family coverage can include a spouse and any dependents)||$2,700||$2,600|
|Family coverage maximum out of pocket||$13,300||$13,100|
|Family coverage maximum HSA contribution||$6,900||$6,750|
Introducing BASIC’s HSA@AnyBank
BASIC’s HSA@AnyBank option offers your employees what they truly want, flexibility. It also gets employers out of the account business and back into strict benefits. AnyBank is exactly what is says, any bank. We can administer HSA Account contributions to multiple banks. Even if each of your employees utilized a separate bank, we easily manage all the accounts, without any additional fees.
Why everyone loves HSA@AnyBank
– Consumer Driven Healthcare should really be consumer driven. Let you employees choose the bank they want for their HSA Account.
– More than 20 million people already have an HSA Account. Let them fund their current account. All BASIC needs are the account and routing numbers.
– Employee satisfaction increases when given choices. Let them pick the bank that best meets their needs. This may be their local bank, the bank that offers the app or online features they want or one that has extensive investment options.
To learn more about BASIC’s HSA@AnyBank solution, click here!*
*BASIC also offers the option for a stacked card approach through the WEX system.
To register for our upcoming 1.0 HRCI & SHRM Credit Webinar: The Nuts and Bolts of offering Health Savings Accounts; click here!