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A few short weeks ago (April 26th, 2018), the Internal Revenue Service announced yet another change to maximum family contributions for Health Savings Accounts. The change was updated to the Revenue Procedure 2018-27 which according to the document, “modifies the annual limitation on deductions for contributions to Health Savings Accounts (HSAs) allowed for individuals with family coverage under a high deductible health plan (HDHP) for calendar year 2018.”
The 2018 family coverage maximum deductible for HSA contribution under a High Deductible Health Plan has increased to $6,900. This change comes after it was reduced to $6,850 earlier in the year under the 2018 Tax Cut and Jobs Act.
If you or one of your employees wishes to revise their HSA contributions for the 2018 Plan Year, please make the appropriate changes in payroll and communicate these to Freedom Services however you have arranged to communicate payroll changes: on your regular payroll report, the HSA Contribution Worksheet (found through EntryDoc.com), or through the Employee Profile & Benefit Plan Change Form (found through EntryDoc.com).
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