Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

HSA Administrators, Clarity Benefit Solutions, Discusses HSA Contribution Limits for 2018

Clarity Benefit Solutions
Posted on: 05 Jan 18
HSA Administrators, Clarity Benefit Solutions, Discusses HSA Contribution Limits for 2018

PR Newswire

NEW YORK, Jan. 5, 2018

NEW YORK, Jan. 5, 2018 /PRNewswire-iReach/ -- HSA administrators, Clarity Benefit Solutions, discusses HSA contribution limits for 2018.

Next year, the amount of money that employees can contribute to their Health Savings Accounts (HSAs) for self-only coverage will increase by $50. HSAs that are linked to family coverage will see the contribution cap rise by $150.

These new guidelines were released by the IRS through Revenue Procedure 2017-37, and reflect adjustments due to the cost of living. They also released the minimum deductible and maximum out-of-pocket expenses for HDHPs that HSAs must be combined with. It is important that employers consider the new limits when planning for their 2018 benefit plan year and make sure that the appropriate limits are reflected in the plans.

Here are the specific contribution limits for 2018:

  • The HSA contribution limit (the company plus the employee) contribution limit is $3,450 (self only) and $6,900 for a family.
  • The HSA catch-up contribution limit for employees 55 and over is $1,000 (self only) and $1,000 for a family.

These contribution limits have been determined on a calendar basis—meaning that contribution limits are prorated by the number of months that employees are HSA-eligible. As an example, an employee with self-only coverage who has been HSA-eligible for six months during 2018 can contribute an amount up to $1,725.

Employers and brokers should promote the benefits of opening an HSA during open enrollment. Share all plan options in a multitude of formats, such as sending emails, hanging posters, passing out flyers and tip sheets, and using social media platforms. Communicate this information often. Then, hold follow-up meetings to clearly define the costs and benefits of each plan.

Emphasize the myriad of benefits that HSAs offer employees: a triple tax advantage—meaning that contributions are tax-deductible, interest earned is tax-free, and employees can make tax-free withdrawals to cover qualified medical expenses; the opportunity to invest in their future and save for retirement with HSA funds, and HSAs follow employees if they change jobs.

About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

Media Contact: Calvin Clark, Clarity Benefit Solutions, 732-428-8272, cclark@claritybenefitsolutions.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

 

SOURCE Clarity Benefit Solutions

PR Newswire
www.prnewswire.com

Last updated on: 05/01/2018

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.