The United States Treasury Department has released the dollar limits for both Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the calendar year 2019. HSAs are tax-exempt savings vehicles funded by individual and/or employer contributions that may be used to pay for qualified medical expenses. To be eligible for an HSA, an individual must be covered by an HDHP and must not be covered by other health insurance that is not an HDHP.

HSAs

For those persons enrolled in individual coverage, the maximum contribution increases to $3,500.00 for calendar year 2019 (a $50 increase from 2018). With respect to family coverage, the maximum contribution increases to $7,000 (a $100 increase from 2018).

The catch-up contribution limit will remain unchanged from previous years.  (Catch-up contributions are contributions that individuals age 55 and older are permitted to make until he/she enrolls in Medicare.)  Specifically, the catch-up contribution limit remains at $1,000.00.

HDHPs

With respect to HDHPs, the minimum annual deductible for calendar year 2019 remains at $1,350.00  for an individual with self-only coverage, and $2,700.00 for an individual with family coverage.

Finally, the maximum annual out-of-pocket expenses for 2019 in connection with HDHPs increases to $6,750.00 for one with individual coverage (a $100 increase from 2018), and $13,500 for one with family coverage (a $200 increase from 2018).

Insurance coverage can be overwhelming – confusing options, endless paperwork and tedious legalities.

Cosmo Insurance Agency makes it easy. Our team has mastered every detail of the insurance process and will walk you through the process to the end, so you can be 100% confident when signing on the dotted line.

Cosmo’s dedicated service doesn’t end with the selection and signing of your policy. Whether its healthcare, life insurance, long term care, vision, dental, or disability, Cosmo Insurance Agency will be there every step of the way. Our staff maintains close contact and is always only a quick phone call away for questions or concerns relating to billing, provider issues, claims or reimbursements and your insurance renewal. Give us a call today!

 

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Posted 7:00 AM

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