The Internal Revenue Service (IRS) has re-established $6,900 as the 2018 health savings account (HSA) contribution limit for individuals with family coverage under a high deductible health plan (HDHP). This limit was previously announced as $6,900 in May 2017, but was revised to $6,850 in March 2018 due to an inflation adjustment provision in the Tax Cuts and Jobs Act. The 2018 health savings account (HSA) contribution limit for individuals with self-only coverage under a HDHP remains unchanged at $3,450.
The Internal Revenue Service (IRS) has announced that the 2018 annual limitation on health savings account (HSA) contributions by individuals with family coverage under a high deductible health plan (HDHP) is now $6,850. This limit was previously announced as $6,900, but has been revised downward due to an inflation adjustment provision in the Tax Cuts and Jobs Act. The 2018 annual limitation on HSA contributions by an individual with self-only coverage under a HDHP remains unchanged at $3,450.
With the recent suspension of the health insurance provider fee for 2019, the Connecticut Insurance Department instructed health insurance carriers operating in the Small Group market to re-file 2nd, 3rd and 4th quarter 2018 rates, as a portion of those rates included dollars earmarked for the 2019 fee. This will result in a Rate reduction for 2018 2nd, 3rd, & 4th quarter
The IRS recently updated the website section, "Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act," primarily to adjust for 2018 penalty amounts that relate to ALEs that fail to offer affordable coverage to all their full-time employees (under IRC Section 4980H
President Trump has signed the Extension of Continuing Appropriations Act, which (among other things) delays implementation of the "Cadillac Tax," the Affordable Care Act's excise tax on high-cost employer-sponsored health coverage, until 2022.
This tax was previously set to become effective in 2020, and imposes a 40% tax on plans that cost more than $10,200 (for self-only coverage) and $27,500 (for family coverage)
To Inquire, Review, or Discuss Any Updates Addressed on this Page
Source: HR 360, Inc.
All rights reserved