It is vital for employers and employees dealing with the ever-increasing cost of health care and insurance to stay updated on the yearly changes to contribution limits, minimums and maximums. The 2019 changes for Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and High Deductible Health Plans (HDHPs) may be small, but are still important to monitor.
The employee contribution limit for FSAs increases in 2019 from $2,650 to $2,700. The contribution limit for HSAs increases from $3,450 to $3,500 for individuals and from $6,900 to $7,000 for families. The minimum deductible for HDHPs remains unchanged at $1,350 for individuals and $2,700 for families. The maximum out-of-pocket expenses for HDHPs (which does not include premiums) increases from $6,650 to $6,750 for individuals and from $13,300 to $13,500 for families. There was no change to the $1,000 maximum HSA catch-up contribution for those age 55 and older.
Attorneys at Fishel Downey Albrecht & Riepenhoff routinely advise employers regarding health insurance obligations. For more information, contact Marc Fishel (mfishel@fisheldowney.com) or Angel Jarmusz (ajarmusz@fisheldowney.com) by email or phone at (614) 221-1216.