This update is hot off the presses! On May 10, the IRS announced that the annual limit on Health Savings Account contributions will increase by $50 for individuals and $100 for families next year.

In 2019, the annual contribution limit for individuals has been set at $3500 for self-only coverage, versus the 2018 rate of $3450. For family coverage, that limit ha gone from $6900 to $7000.

An HSA must be combined with a high deductible health plan. The IRS also announced the 2019 High Deductible Health Plan minimum deductible amounts. The minimum deductible for a qualifying high-deductible health plan has not changed for 2019. For 2019, the minimum annual deductible for a HDHP (individual) is $1350, unchanged from last year. For families, the minimum annual deductible rate remains consistent at $2700.

Under the Affordable Care Act, a group health plan cannot require an individual to spend more than a specified annual maximum amount on covered services. The IRS announced that for 2019, the maximum annual out-of-pocket on individual plans is $6750, an increase of $100 from 2018. For 2019, the maximum annual out-of-pocket amount for family plans is $13,500, an increase of $200 from 2018.

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