Ithaca College

We have some important updates to share with you about your Health Savings Accounts (HSAs). Below you’ll find details on the following.

1. New HSA limits for 2018
2. Tax Form 5498-SAs coming soon

1. 2018 HSA and High Deductible Health Plan (HDHP) limits

The Internal Revenue Service (IRS) recently released Revenue Procedure 2017-37. This provides the 2018 calendar year limits for HSAs and HDHPs. Due to the cost-of-living adjustment rules of Internal Revenue Code (IRC) Section 223, the HSA contribution limits, minimum annual deductibles and maximum out-of-pocket amounts will increase. Below are the 2018 IRS limits. These amounts could change if the Senate approves the American Health Care Act (AHCA).

2018 HSA contribution limits

Individual: $3,450 ($50 increase from 2017)
Family: $6,900 ($150 increase from 2017)

2018 HSA minimum annual deductibles

Individual: $1,350 ($50 increase from 2017)
Family:$2,700 ($100 increase from 2017)

2018 HDHP maximum out-of-pocket amounts

Individual:$6,650 ($100 increase from 2017)
Family:$13,300 ($200 increase from 2017)

2. Tax Form 5498-SA coming soon

During the week of May 29, 2017, HSA members can view their Form 5498-SA on the PayFlex member website. If you elected to get a paper copy, it will be mail to you. You do not need it to file your taxes. But you should keep this form with their tax records.

Form 5498-SA includes pretax contributions from your paycheck, any contributions you've made on your own (post-tax), and any employer contributions. These are contributions posted to your HSA for 2016. The IRS requires that PayFlex issue this form to all HSA members by May 31 of each year. This is because you could contribute to your 2016 HSA up to April 18, 2017.

PayFlex will post a message on the member website (www.payflex.com) to remind members that this form is coming and that you don’t need to take action.