January 14, 2019
Several changes to Health Savings Accounts (HSA’s), Flexible Spending Accounts (FSA’s) and retirement plans take effect this month. Here are some numbers to know:
• $3500 is the maximum an individual can deposit to an HSA, an increase of $50; $7,000 for those with family coverage, up $100. If over age 55, the catch up contribution continues to be $1,000.
• The minimum deductible for an HSA “qualified” high deductible health plan (HDHP) is $1,350; $2,700 for a family (No change)
• The deductibles, co-insurance and co-pays of an HDHP may not exceed $6,750, an increase of $100 from 2018. For families, the OOP limit is $13,500, up $200. (Did you notice that on your health plan renewal?)
• The health flexible spending account contribution limit increases $50 to $2700. The increase also applies to limited purpose (e.g., dental, vision) FSA’s, which can be used in tandem with HSA’s
• For the first time since 2013, IRA contribution limits are being increased $500 to $6,000. The age 50 catch up limit remains at $1,000
• Pre-tax contribution limits for 401(k) are also increasing by $500 to $19,000. The age 50 catch up limit remains at $6,000
Thanks to our Agent Owner Jon Rauser for sharing these 2019 HSA and FSA reminders on his weekly 30 Second Insurance Tips Blog.