IRS Updates Reimbursement Account Limits for 2018
The IRS has released annual maximums for 2018. Included in the limit updates is the limit for Healthcare Flexible Spending Accounts (Health FSAs) for 2018.
The Health FSA limit has been increased to $2,650 for 2018. The increase also applies to Limited FSAs. This is a $50 increase from the previous limit of $2,600.
The limit for Qualified Transit and Parking (QTP) plans has increased as well for 2018. The monthly maximum for transit will be $260 per month. The monthly limit for parking will also be $260 per month.
The 2018 Health Savings Account (HSA) limits are as follows:
High Deductible Health Plan (HDHP) Minimum Deductible:
- Single – $1,350
- Family – $2,700
HDHP Maximum Out-of-Pocket:
- Single – $6,650
- Family – $13,300
HSA Maximum Contribution Limit
- Single – $3,450
- Family – $6,900
Catch Up Contribution (for account holders age 55 and older) – $1,000
BusinessPlans, Inc. – myCafeteriaPlan does not intend to provide legal or tax advice and information contained in this article should not be interpreted as such. Regulations governing pretax plans are often open to interpretation and should be reviewed with your legal or tax advisor before making any decisions regarding your plan.