Dollar bill ripped in the center signifying that New Health Savings Account limits were announced for 2019

Last week, the IRS released Revenue Procedure 2018-30, which provides information on the limits for Health Savings Accounts (HSAs) for 2019. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,500. The deduction limitation for an individual with family coverage will be $7,000.

Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2019, the deductible must be at least $1,350 for self-only coverage and $2,700 for family coverage.

Maximum Out-of-Pocket:
Out-of-pocket expenses may not exceed $6,750 for self-only coverage and $13,500 for family coverage.

These changes will go into effect for calendar year 2019. Please note that these limits are subject to change.