On May 11, 2018, the IRS announced the new 2019 HSA limits in Rev. Proc. 2018-30.
For calendar year 2019, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.
The 2019 annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,500. The annual limitation on deductions for an individual with family coverage is $7,000. An additional contribution of $1,000 is permitted for individuals age 55 and older. Those enrolled in Medicare are not eligible to participate in an HSA. See the chart below for illustration.
|Health Savings Account Type||2019 Limits||2018 Limits|
|Self (IRC Section 223(b)(2)(A))||$3,500||$3,450|
|Family (IRC Section 223(b)(2)(B))||$7,000||$6,850**|
** NOTE: In Revenue Procedure 2018-27, the IRS announced that the limit on annual contributions for individuals with family coverage in a health savings account (HSA) may be treated as $6,900, rather than the $6,850 announced earlier this year in Revenue Procedure 2018-18.
The information and materials on this blog are provided for informational purposes only and are not intended to constitute legal or tax advice. Information provided in this blog may not reflect the most current legal developments and may vary by jurisdiction. The content on this blog is for general informational purposes only and does not apply to any particular facts or circumstances. The use of this blog does not in any way establish an attorney-client relationship, nor should any such relationship be implied, and the contents do not constitute legal or tax advice. If you require legal or tax advice, please consult with a licensed attorney or tax professional in your jurisdiction. The contributing authors expressly disclaim all liability to any persons or entities with respect to any action or inaction based on the contents of this blog.