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Deductible and Out-of-Pocket Limits

The Internal Revenue Service has announced the deductible, out-of-pocket, and contribution limits for HSA-qualified plans for the 2018 calendar year. The minimum deductible increased by $50 for individuals, from $1,300 to $1,350, and by $100 for families, from $2,600 to $2,700. Meanwhile, the out of pocket limit increased by $100 for people with single coverage, from $6,550 to $6,650, and by $200 for people with family coverage, from $13,100 to $13,300.

The out-of-pocket exposure for non-HSA-qualified metallic plans is now significantly higher than for “High Deductible” HSA plans. For individuals, it will be $7,350 in 2018, and for families it will be $14,700. The new figures are summarized in the chart below.

Contribution Limits

People with an HSA-qualified High Deductible Health Plan who do not have other coverage that pays prior to the deductible can set aside tax-free dollars to pay for eligible medical expenses. The 2018 HSA contribution limits are summarized in the chart below. There’s a $50 increase for people with single coverage (from $3,400 in 2017 to $3,450 in 2018) and a $150 increase for people with family coverage (from $6,750 in 2017 to $6,900 in 2018).

Note: The IRS had originally announced that the family contribution maximum for 2018 would be $6,900 but later revised this number to $6,850 as a result of the recent tax bill. After multiple complaints, the IRS increased the family contribution limit back to $6,900.

If you have questions about Health Savings Accounts or are interested in one for your family or your employees, please contact JME insurance at 972.245.0266.

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