Search
 
News

IRS cuts 2018 family HSA contribution limit

The IRS has recalculated the limit because the tax law applies the so-called chained consumer price index to increases in HSA contribution limits.

HSA Dollar While the annual tax-deductible HSA contribution limit for 2018 will remain at $3,450 for HSA account holders with self-only coverage, it has been lowered to $6,850 for account holders with family coverage. (Photo: Shutterstock)

Thanks to the Tax Cuts and Jobs Act, the 2018 contribution limit for family coverage in a health savings account will be $6,850—not $6,900, as previously announced by the IRS.

The Society for Human Resource Management reports that the IRS has recalculated the limit because the tax law applies the so-called chained consumer price index to increases in HSA contribution limits, as well as to a few other employee benefit contribution limits.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Marlene Satter

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

More from this author

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.