IRS Reduces HSA Limit for Family Coverage for 2018

Matt Pfeiffenberger Large Group Benefits (100+), News

The IRS issued a new revenue procedure regarding health savings account (HSA) limits. The new tax laws had a provision in it which was not formally enacted until just recently. The new revenue procedure now puts the change into effect. Basically the ruling reduces the HSA family maximum contribution for 2018 from $6,900 to $6,850 retroactive to January 1, 2018. Employers with HSAs will need to check to see if employees elected the $6,900 maximum for 2018, and in effect cut that back to $6,850. The new $6,850 max is a combination of any employee and employer contributions into the employee’s HSA for 2018. You can read more about the change below. Questons can be directed to Matt Pfeiffenberger, Vice President, …

The Best-Kept Secret For Retirement Savings May Be Health Savings Accounts

Denise Gillin Health Benefits, News

A few years ago when my company offered the option of Health Savings Accounts (HSAs) instead of Flexible Spending Accounts, I thought “okay, fine.” I got another debit card and happily used it to spend pre-tax dollars on current medical expenses. Recently, though, I spoke with a financial advisor who opened my eyes to the fact that I’d been using my HSA all wrong. Now, I realize HSAs are one of the best options available for additional retirement savings. Read more here >>>