W2 Issues/Concerns

  • This field is for validation purposes and should be left unchanged.

Blog

Check out our weekly blog posts and see the latest news and discussions happening in the HR world of business.

IRS releases 2018 guidelines for HSA limits

Posted on May 26

Although we live in somewhat uncertain times when it comes to the administration of health care, the IRS is charging full steam ahead!

In fact, it’s already released its 2018 Health Savings Account (HSA) contribution limits and High Deductible Health Plan (HDHP) required deductible and out-of-pocket limits, proving that it’s never too early to plan ahead when it comes to crafting your health plans.

The IRS limits are based on cost-of-living adjustments and include the following limits:

HSA limits:

Single Person: The maximum an individual with self-only coverage in an HDHP can contribute to an HSA increases $50 to $3,450.
Family. The max HSA contribution for an individual with family coverage climbs $150 to $6,900.

HDHP Limits:

Single Person: The minimum deductible for self-only HDHP coverage will increase $50 to $1,350.
Family: The minimum deductible for family HDHP coverage stays at $2,700 (up $100).

Out-of-pocket limits: In this case, out-of-pocket costs are defined as deductibles, co-pays, co-insurance and any other fee related to the provision of health care with the exclusion of actual health insurance premiums.

Single person: The maximum amount an HDHP participant can pay out of pocket for self-only coverage climbs $100 to $6,650.
Family. The maximum out-of-pocket cost an HDHP participant with a family plan can pay will jump $100 to $13,300.

For more information, please visit https://www.irs.gov/pub/irs-drop/rp-17-37.pdf

Featured BLOGS

  • Jul 09, 2020
    HR How-to: Set Up Your Employees for Remote Work Success

    For many of us, 2020 was the year that we got to learn how to work remotely whether we liked it or not! Learning how to do it and mastering the skill of working from home are two completely different as anyone who is still struggling to make it work can attest! In this blog post, we outline a few top tips garnered from those who have long loved their home office and have figured out how to be productive, professional, and truly happy with their work from home set up. Create a designated workspace:If you live in a big

    Read more
  • Jul 09, 2020
    How Do Safety Programs Save Businesses Money?

    A while back, we published a blog post citing data suggesting that investing in a workplace safety program can actually save businesses significant money (not to mention stress!) In fact, the survey, which was conducted by the Occupational Safety and Health Administration (OSHA), found that for every one dollar investment in such a program, companies can expect to see a return of up to six dollars, which feels particularly relevant when OSHA notes that most occupational injuries are paid for directly out of company profits.  Read on below to learn how exactly such programs contribute to cost savings and how they

    Read more

Archives