HSA account guidelines change year to year, but don’t worry we will keep you updated on all IRS guidelines. See current HSA guidelines for 2017 below so you can make the most of your health savings account.
HSA Account Rules
- HSA limits are set by the IRS (each year) and you can contribute up to $3,500 for individuals and $7,000 for families, in 2019.
Catch Up Contributions
- Individuals older than 55 years of age can contribute an additional $1,000 per year to their individual or family HSA ($4,500 and $9,000, respectively)
- Individual or families must be enrolled in an HSA compatible plan often referred to as a high deductible health plan
HDHP Minimum Deductible Requirement
- In 2019, HDHPs that qualify must have deductibles of $1,350 or more for an individual and $2,700 for a family and there can be no copays or coinsurance prior to hitting those deductibles (no cost for preventative care)
HDHP Maximum Deductible Requirement
- In 2019, HDHPs that qualify must have maximum deductibles of $6,750 or less for an individual and $13,300 or less for a family
- After the 65 years of age, an HSA can be used for non-health expenses – just pay income taxes at that time with no penalty, just like an IRA or 401k
- Unlike a 401k, you can let your HSA grow in retirement as there are no mandatory distributions.
The great news about HSA account guidelines is that are in completely independent of complex tax or income classifications that can commonly accompany tax-exempt savings accounts. They are updated every year so talk to your benefits provider or check back with Lively. We will make sure to translate any and all IRS HSA guidelines for you. You can see the full list of IRS HSA specification here, in case you want to bookmark it.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.