The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.
– Ernest Hemingway
Earlier this month, the IRS announced the inflation-adjusted limits for the upcoming 2019 calendar year on both health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2019. The limits on both depend on whether the health plan is an individual’s policy or if it’s for a family. The main takeaways for your business and your employees are:
- Individual HSA limits will increase $50 from 2018 to 2019
- Family HSA limits will increase $100 from 2018 to 2019
- Individual HDHP out-of-pocket maximums will increase $100 from 2018 to 2019
- Family HDHP out-of-pocket maximums will increase $200 from 2018 to 2019
If BenefitCorp is your benefits broker, then you don’t need to worry about the updates to your plan designs as those are being handled for you. If you’re still not working with a BenefitCorp consultant, contact them here to make sure your enrollment materials are updated and in full compliance.