IRS Sets 2019 HSA Contribution Limits

The Internal Revenue Service (IRS) issued Revenue Procedure 2018-30, which provides the 2019 inflation-adjusted amounts for health savings accounts (HSAs) as determined under Section 223 of the Internal Revenue Code.

For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $3,500. For calendar year 2019, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $7,000, up from the recently reset $6,900 limit for 2018.

For calendar year 2019, the IRS defines a “high deductible health plan” 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, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.