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HSAs: Everything you want to know (but were afraid to ask)

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in Office Management,Payroll Management

The IRS has announced the 2017 inflation adjustments for health savings accounts (HSAs) and high-deductible health plans. It’s also released a series of information letters that clarify HSAs. Note: Information letters are intended as private advice from the IRS to the requesting party. They may be used for informational purposes only; they may not be used or cited as precedent.

2017 inflation adjustments. HSAs are tax-preferred accounts into which employees may defer money on a pretax basis; employers may also contribute into them. They must be paired with high-deductible health plans (HDHPs). Reminder: All plans must include a provision that requires that the self-only annual limit on out-of-pocket expenses applies separately to each family member who’s enrolled in a family plan. For 2017, the inflation adjusted amounts are:

  • Employees with self-only coverage can contribute up to $3,400 into their HSAs. The minimum annual d...(register to read more)

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