Buried in the December 2017 tax legislation is a provision that changes the method that the Internal Revenue Service (“IRS”) uses to determine cost of living adjustments to annual dollar limits applicable to health plans and some other benefits.
Applying the new methodology, the IRS announced this week that the 2018 family health savings account (“HSA”) contribution limit is being reduced from $6,900, which the IRS announced last year would be in effect for 2018, to $6,850. Continue reading “Not So Fast . . . The IRS Retroactively Reduces the 2018 Family Health Savings Account Contribution Limit”