There are a few time-sensitive issues regarding HSAs to think about right now.
First, the IRS has REDUCED the maximum family HSA contribution for 2018 to $6,850 (down from the original $6,900.) The individual contribution limit remains unchanged at $3,450 per year. You can read more about this in IRS Bulletin 2018-10. If you’ve already set up your HSA contributions to equal $6,900 for this year, we have a resource for you. We collaborated with United Benefit Advisors on this bulletin detailing your options.
Next, keep in mind that you still have until April 17 (for Massachusetts employees) to contribute to your 2017 HSA. According to HealthEquity, Contributing even $100 to your HSA can save you $20 that would have otherwise been collected as taxes when paying for medical expenses out-of-pocket.
Our last HSA discussion point isn’t really time-sensitive, but it’s good to know anyway. Generally, HSA dollars cannot be used to pay for health insurance premiums. However, according to Wageworks, a former employee receiving unemployment compensation CAN use their HSA funds to pay COBRA premiums.
Please contact the Employee Benefits department at The Gaudreau Group with any questions!