The IRS announced a decrease to the maximum HSA family contribution for the 2018 calendar year in the most recent Internal Revenue Bulletin (IRB) 2018-10.
The family contribution limit for HSAs has been lowered from $6,900 to $6,850.
This mid-year decrease stems from a provision in the Tax Reform and Jobs Act (P.L. 115-97) that was meant to slow the rate of inflation changes for various programs.
Flexible Spending accounts (Health Care FSAs, Dependent Care FSAs, Parking and Transit plans) were not affected.
Baker Tilly Vantagen is preparing to support our partners with this change. As a first step, our myFlexDollars portal was updated on March 6, 2018 to reflect the new maximum amount. More information will be forthcoming to address specific situations such as over-contribution scenarios, disbursements and contribution adjustments.
If you have any questions regarding this announcement or to learn how Baker Tilly Vantagen experts can help, contact our team.