The Internal Revenue Service has announced the 2019 deductible, out-of-pocket, and contribution limits for Health Savings Accounts (HSA). Here they are:
Compared with 2018, the minimum deductible was unchanged for those with single and family coverage; the maximum out-of-pocket increased by $100 for people with self-only coverage and $200 for those with family coverage; and the contribution limit increased by $50 for self-only plans and $100 for family plans.
The catch-up contribution for those over the age of 55 remains $1,000 per year and must be deposited into an account in the individual’s name. That means that married couples age 55 and older must set up separate accounts if they both want to take advantage of the catch-up contribution.
The Department of Health and Human Services also recently announced the out-of-pocket limits for non-HSA-qualified ACA-metallic plans, and the in-network exposure is significantly higher than for HSA-qualified plans:
It’s funny that “High Deductible Health Plans” now provide more comprehensive coverage than traditional plans, but that clearly is the case now.
Last year at this time, there were some proposed changes to Health Savings Accounts being considered by Congress. Those did not materialize. However, there is a new bill currently being considered, and if it were to pass it would make similar changes to those previously proposed.
As the National Association of Health Underwriters explains, this bipartisan bill, appropriately named the “Bipartisan HSA Improvement Act of 2018 (H.R. 5138),” would, among other things:
At AHCP, we continue to believe that HSAs will be a big part of the solution going forward. They’ve grown exponentially since they first became available nearly fifteen years ago, and there’s no reason to believe that HSA-qualified plans won’t continue to be a popular and cost-effective option for your clients for the foreseeable future.
For more information on Health Savings Accounts or the products you should sell alongside an HSA-qualified plan, contact AHCP today.