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 $6,550 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.
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 and a $150 increase for people with family coverage.
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.