On March 5, 2018, the IRS released Revenue Procedure 2018-18, which recalculates a number of cost of living increases for calendar year 2018. The main change that may impact many employers is as follows:
- The maximum family Health Savings Account (HSA) contribution limit for 2018 has been lowered to $6,850. This number had previously been set as $6,900.
We will continue to monitor how specific Health Savings Account vendors will respond to this change. In addition, you may need to make adjustments internally. This may include:
- Notifying current employees that are enrolled in a Health Savings Account (HSA)
- Updating benefits communication materials that may be distributed to new hires in 2018
- Modifying HRIS/benefits enrollment systems to reflect the new maximum contribution limit
- Working with employees that have already contributed the maximum amount for 2018, as action may be required regarding the excess contribution
I hope that you find this information helpful. If you have any questions, please contact the CBG Benefits team at 781-759-1222.