On Monday, March 5, 2018, the IRS announced that it’s decreasing the annual maximum amount that an employee on a family high deductible health plan can contribute and receive in their health savings account in 2018 from $6,900 to $6,850. Single coverage is not being affected.
In an initial review, we have not identified any Archdiocese employee that will be affected by this change (meaning to the best of our knowledge, no one on the family health plan had opted to max out HSA contributions in 2018). However, Paylocity has updated the Web Benefits portal to accurately reflect $6,850 as the maximum should anyone decide in the future to contribute the maximum amount in 2018.
Several ways to check your current HSA situation:
- To check your current balance and view YTD contributions, please log into your UMR account at umr.com and click on the “account balances” button. This is the best resource as it shows both employer and employee contributions on one pie chart.
- Your most current paystub in Paylocity will also provide you YTD contribution information.
- To change your current HSA contribution, click How to change HSA for instructions.
Note – it is the employee’s responsibility to track and monitor HSA contributions so as to no over-contribute in a calendar year. The Archdiocese nor Paylocity is responsible for tracking and monitoring balances. Any issues regarding over contributing to the HSA must be handled directly between the employee and the employee’s HSA bank.
For further information on this IRS release, please go to www.irs.gov and search for bulletin no. 2018-10 published on March 5, 2018.