HSA Preventive Services Update
HSA plans can cover more preventive services prior to deductible being met after renewal this year. On July 17, 2019, the IRS released Notice 2019-45 providing guidance relating to health savings accounts (HSAs), specifically expanding the types of treatments and services that constitute preventive care. As a reminder, to be HSA-eligible, the individual must be End excerpt
2020 Health Savings Account and Compliant Health Plan Limits
The IRS has announced the annual Health Savings Account (HSA) contribution limits and High Deductible Health Plan (HDHP) minimum deductible and maximum out-of-pocket limits that will apply in 2020. Individual contributions are increasing from $3,500 to $3,550. Maximum contributions for family plans are increasing from $7,000 to $7,100. High deductible plans in 2020 will be those that have an End excerpt
IRS Sets New 2019 Limits for Group Plans and HDHP/HSA Plans
The Internal Revenue Service (IRS) has recently released the 2019 cost-of-living adjusted limits for group plans, high deductible health plans (HDHPs), and health savings accounts (HSAs). Below are the details: HSA Contribution Limits. The 2019 annual HSA contribution limit is $3,500 for individuals with self-only HDHP coverage (a $50 increase from 2018), and $7,000 for End excerpt
IRS Lowers HSA Limit Due to New Tax Law
IRS Lowers 2018 Family HSA Contribution Limit by $50 The IRS has recalculated the HSA limit due to the Tax Cuts and Jobs Act that passed in late 2017. The 2018 contribution limit for health savings accounts (HSAs) will be $6,850—not $6,900. On 3/5/18 the IRS clarified that: HSAs Annual tax-deductible contribution limit for tax year End excerpt
Important Notice: Maryland-based employers who renewed or began health coverage 1/1/18
In 2016, Maryland passed a Contraceptive Equity Act requiring commercial health insurance plans to provide coverage for male sterilization service without a co-payment, co-insurance or deductible.
IRS Sets HDHPs & HSA Limits for 2018
IRS Sets HDHPs & HSA Limits for 2018. Many are increasing.