ConnectYourCare Announces 2019 IRS Limits for Health Savings Accounts

ConnectYourCare, (CYC), a national leader in consumer-directed health care account solutions, is announcing the 2019 limits.

Baltimore, MD, May 11, 2018

Health Savings Account (HSA) contribution and plan limits for 2019 have been by adjusted for inflation by the Internal Revenue Service (IRS). To assist employers, brokers, and account holders, ConnectYourCare, (CYC), a national leader in consumer-directed health care account solutions, is announcing the 2019 limits.

2019 HSA contribution and qualifying plan limits are:

Maximum HSA Contribution Level

  • $3,500 for individual coverage
  • $7,000 for family coverage

Minimum Deductible for Qualifying High Deductible Health Plan (HDHP)

  • $1,350 for individual coverage
  • $2,700 for family coverage

Maximum Out-of-Pocket Expenses for HDHP

  • $6,750 for individual coverage
  • $13,500 for family coverage

The new limits increase the pre-tax amounts individuals and families may contribute to their HSA over 2018 limits by $50 and $100, respectively, while the deductible for qualifying plans are unchanged for both individuals and for families. Out-of-pocket maximums are up $100 for individuals and $200 for families over 2018 limits. For more information, see the IRS revenue procedure at https://www.irs.gov/pub/irs-drop/rp-18-30.pdf

“We’re increasingly seeing HSAs function as a critical resource for Americans to fund their care today, tomorrow, and in retirement,” noted Harrison Stone, General Counsel, ConnectYourCare. “In fact, our research shows that 45% of account holders elect an HSA because of the long-term benefits, over more immediate benefits like tax savings and lower premiums. Annual contribution limit increases allow HSAs to maintain their value and further grow their role as a key retirement planning building block.”

For more information about health care account usage trends and account holder perspectives on Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs), download CYC’s latest report, CDH Account Trends: Tax-Advantaged Account Usage, Outlook and Perceptions – 2018 Report at www2.connectyourcare.com/2018-CDH-trends-report.

 

By |2018-05-11T13:19:36+00:00May 11th, 2018|
Disclaimer: ConnectYourCare does not provide tax or legal advice. This information is not intended and should not be taken as tax or legal advice. Any tax or legal information in this notice is merely a summary of ConnectYourCare’s understanding and interpretation of some of the current tax regulations and is not exhaustive. You should consult your tax advisor or legal counsel for advice and information concerning your particular situation before making any decisions.