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 https://www.forbes.com/sites/ashleaebeling/2017/05/04/irs-sets-2018-health-savings-account-limits-house-votes-to-expand-hsas-under-trumpcare/#b8a1c7b549d8

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