The IRS has announced an increase to the health savings account (HSA) contribution limits for both single coverage and family coverage for 2019, along with changes to the out-of-pocket expenses for HSA-qualifying high deductible health plans (HDHPs).
Here's what benefits brokers and their clients should know:
2019 HSA contribution limit changes
The 2019 HSA contribution level maximum will be $3,500 for individual coverage, and $7,000 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.
Individuals age 55 or older not yet enrolled in Medicare may make a catch-up HSA contribution of up to $1,000 per person – an amount that remains unchanged from last year's catch-up limit.
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