May 23, 2017

Health Savings Accounts

Some good news – the IRS has set the limits for 2018 for Health Savings Account. You can contribute up to $3,450 for single coverage or up to $6,900 for family coverage in 2018.

Some bad news – the maximum out-of-pocket figures have also increased ($6,650 for single coverage and $13,300 for family coverage).

One of the key provisions of Trumpcare would be to expand health savings accounts, basically making maximum contribution limits equal to the maximum out-of-pocket figures. In addition, Trumpcare aims to cut the penalty for non-medical withdrawals before age 65 from 20% to 10% and also reestablish the right to pay for over-the counter medications with your health savings account. These provisions could change as Trumpcare heads to the Senate for debate.

For more information, see