715 Ela Road #2C
Lake Zurich IL 60047

847-393-7475/ 847-320-1954

847-320-1969

Quotes@HRBsolutionsinc.com

Benefits to take you into the future, bottom line to keep you there!

Tag: IRS HSA Limits

banner with icons from HRB Solutions INC

A few key happenings in Health Care Insurance

What is happening in Health Care Insurance?

There is always something happening in the Health Care Insurance Industry.  We do our best to keep you informed with these Blog posts.  What follows are a few of the happenings in Health Care this month along with a few links that are of real interest to us and maybe you as well.  Please feel free to contact us if you have any questions or comments about these highlights.

Blue Cross Blue Shield of Illinois had Extended its Small Group Transitional Policy through 2019:

This is for groups of 1-50 and follows recent announcements by the Centers for Medicare and Medicaid Services (CMS)

Medicare Secondary Payer Data Collection Will Open June 5.

Beginning June 5th BCBS will start collecting data  related to the Medicare Secondary Payer information required by the Centers for Medicare and Medicaid Services.  You will be impacted if you are fully insured and ASO employer groups with 1-150 employees and have not completed the 2018 Employer Acknowledgment form prior to June 5th.

 IRS Annual contribution limitation.

  • For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,500.
  • For calendar year 2019, the annual limitation on deductions under for an individual with family coverage under a high deductible health plan is $7,000.
  • High deductible health plan. For calendar year 2019, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.

Type                                        2018                        2019

HDHP Min.Deductible – Single                                    $1,350                                  $1,350

HDHP Min. Deductible – Family                                  $2,700                                  $2,700

HDHP Max. Out-of-Pocket – Single                             $6,650                                  $6,750

HDHP Max. Out-of-Pocket – Family                          $13,300                                $13,500

HSA Contribution Limit – Single                                  $3,450                                   $3,500

HSA Contribution Limit – Family                                 $6,900                                   $7,000

HSA Catch-Up Contribution – 55+                              $1,000                                   $1,000

Chart Source: Flex

logo

Follow me

Coming soon..