In an April 30 fact sheet, the Centers for Medicare and Medicaid Services announced that the cost-sharing limit for individual and group health plans in 2022 will be $400 lower than initially projected.
On June 24, 2019, President Trump signed an executive order that would, among other things, make it easier for consumers to choose an HSA-compatible High Deductible Health Plan, expand the definition of preventive care under this type of plan, and expand the list of HSA-eligible expenses.
As premiums continue to increase, more and more people are purchasing plans with higher deductibles and no up-front copayments. Most of these plans are HSA-compatible, so we thought it might be fun to test your HSA knowledge. Below are five questions that you could get from clients relating to Health Savings Accounts. See how you do.
For the first time since HSAs were introduced nearly 15 years ago, the Internal Revenue Service has retroactively reduced the HSA contribution limit. In a recent press release, the IRS announced that it is lowering the maximum family contribution to a Health Savings Account for 2018 from $6,900 to $6,850. The change comes as a result of the new tax bill. The self-only contribution amount remains $3,450.