Maximum Annual HSA Contribution Increased

BASIC Compliance Alert

Maximum Annual HSA Contribution Increased to Provide Relief

As your partner in business, we do our best to ensure that we are informing you on the latest pertinent legislative news that impacts the industry and your business and clients. Early this year the maximum family annual HSA contribution limit was reduced to $6,850 from $6,900. This caused administration issues for administrators, employers and participants alike. Thankfully, on April 26, 2018, the IRS released Revenue Procedure 2018-27 which increases the maximum family annual HSA contribution limit back to $6,900.

BASIC HSA clients will receive specific communication addressing their plan and participants.

Link to Rev. Proc. 2018-27

Link to the May 4, 2017 Rev. Proc. 2017-37

BASIC offers two different administration options for HSA:

BASIC HSA Stacked Card

BASIC HSA Anybank

Visitwww.basiconline.com/proposal to request a proposal for any of BASIC’s services.

BASIC family of companies includes; BASIC pacific, BASIC NEO, BASIC New England and BASIC Gatekeeper