HSA and FSA 2019 Updates

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.