By: Jennifer Cooper
Does your company offer HSA benefits? If so you need to make some changes for 2018.
The recent 2018 Tax Cuts have caused an IRS revision to the contribution limit for family HDHP coverage. Originally the limit was set for $6900 for 2018 but now has been decreased to $6850. No change has been made to the individual HDHP coverage.
What happens now?
Employees who contribute to an HSA family plan need to be notified of the decreased limits and adjustments to their contributions amounts must be made if they are contributing the maximum amounts. If you have an employee who has already contributed the full amount to their HSA for 2018 they should be refunded the extra $50 in order to avoid paying an excise tax in 2019.
If you require assistance understanding the new HSA limits or any other matter related to your business, please contact us at firstname.lastname@example.org or (707) 361-5385.
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