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PSCA Executive Reports

March 29, 2018

Health Savings Accounts (“HSAs”)

In early March, the IRS released Revenue Procedure 2018-18 which lowers the maximum family HSA contribution for families with a high deductible health plan (“HDHP”) for the rest of the year. (Individual contribution limits were not affected.) Because the Tax Cuts and Jobs Act mandated changes in how the IRS calculates cost-of-living increases, the 2018 annual limit for non-single coverage decreases from $6,900 as laid out last spring in Rev. Proc. 2017-37 to a new limit of $6,850. Plan sponsors should ensure their employees’ automatic deductions comply with the new limits. On March 19, Representatives Mike Kelly (R-PA) and Eric Paulsen (R-MN) sent the IRS a letter requesting transition relief from the new rule for one year.

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