IS YOUR HSA A RETIREMENT TOOL? THE GOOD, THE BAD, AND THE UGLY

Health Savings Accounts can be a source of retirement funds when properly positioned with other retirement fund options, but it's important to know their advantages and disadvantages.

2018 HSA LIMITS ANNOUNCED

The IRS recently announced the 2018 inflation-adjusted limits for health savings accounts. For 2018, taxpayers can contribute up to $3,450 (up from $3,400 in 2017) for single coverage, or up to $6,900 (up from $6,750 in 2017) for family coverage.

The maximum out-of-pocket figures are: $6,650 for single coverage (up from $6,550 in 2017) and $13,300 for family coverage (up from $13,100 in 2017).

REVIEW HEALTH INSURANCE MARKETPLACE NOTICES PROMPTLY

Health insurance marketplaces are sending notices to employers this year when employees receive advance premium tax credits to help pay health insurance premiums. The notice itself does not assess a penalty, but if you get a notice, you'll want to make sure the information is correct. You have 90 days to appeal if you believe you provide employees with qualified coverage. Contact us at (518) 798-3330 for assistance.

HSA CONTRIBUTION LIMITS BARELY BUDGE FOR 2017

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account. You make tax-deductible deposits into the savings account, and later withdraw the funds to pay unreimbursed medical expenses. The 2017 contribution limit for individuals is $3,400, up $50 from 2016. The limit for family coverage is $6,750, unchanged from 2016. If you're age 55 or older, you can also make a catch-up contribution of an additional $1,000.