UPDATE…..The IRS has announced the applicable dollar limits for group plans and high deductible health plans (HDHPs) / health savings accounts (HSA) for the 2019 calendar year.
2019 Annual Contribution Limitation
For calendar year 2019, the annual limitation on HSA deductions for an individual with self-only coverage under a HDHP is $3,500. The annual limitation on HSA deductions for an individual with family coverage under an HDHP is $7,000.
**Catch-up contributions of $1,000 can be made during the year by HSA-eligible participants who will turn 55 by year-end.
What is an High Deductible Health Plan (HDHP)?
For calendar year 2019, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage.
The maximum annual out-of-pocket expenses for 2019 plans (deductibles, co-payments, and co-insurance, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.