Effective (retrospectively) for calendar year 2018, the family contribution limit for HSAs has been reduced from $6,900 to $6,850. This change applies immediately. Any family contribution to an HSA in 2018 over the max could be subject to taxes and penalties. Therefore, in the event that a plan participant has already contributed an amount in excess of the allowable 2018 annual limit, procedures for the reimbursement of such excess contributions should be followed.
Plan sponsors should check with their third party administrators to make sure system limitations are adjusted, and that all plan limit communications are amended.
The individual contribution limit for 2018 will remain at $3,450.
Also effective March 5, 2018, the adoption limit has been reduced $30 from $13,840 to $13,810. Keep in mind that this benefit begins to phase out with modified adjusted gross income (MAGI) greater than $207,140, and completely phases out for MAGI at $247,140 or more.
For additional information, please contact your Account Manager
or Tony Sorrentino at 402.964.5470 or email@example.com
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This material is intended for informational purposes only and should not be construed as legal advice and is not intended to replace the advice of a qualified attorney, tax advisor or plan provider. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. The information provided herein is intended solely for SilverStone Group clients. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included in this special bulletin.