OK, ‘students.’ Several changes to Health Savings Accounts (HSA’s), Flexible Spending Accounts (FSA’s) and retirement plans take effect this month. Here are some numbers to know:

• $3500 is the maximum an individual can deposit to an HSA, an increase of $50; $7,000 for those with family coverage, up $100. If over age 55, the catch up contribution continues to be $1,000.
• The minimum deductible for an HSA “qualified” high deductible health plan (HDHP) is $1,350; $2,700 for a family. (No change.)
• The deductibles, co-insurance and co-pays of an HDHP may not exceed $6,750, an increase of $100 from 2018. For families, the OOP limit is $13,500, up $200. (Did you notice that on your health plan renewal?)
• The health flexible spending account contribution limit increases $50 to $2700. The increase also applies to limited purpose (e.g., dental, vision) FSA’s, which can be used in tandem with HSA’s.
• For the first time since 2013, IRA contribution limits are being increased $500 to $6,000. The age 50 catch up limit remains at $1,000.
• Pre-tax contribution limits for 401(k) are also increasing by $500 to $19,000. The age 50 catch up limit remains at $6,000.

Got it? There will be a test!

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Jon Rauser 
President, The Rauser Agency
Agent Owner & Vice President, Robertson Ryan & Associates