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IRS Announces

Benefit Plan Limits for 2018

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Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2018. Although some of the limits will remain the same, many of the limits will increase for 2018.

The annual limits for the following commonly offered employee benefits will increase for 2018:

  • High deductible health plans (HDHPs) and health savings accounts (HSAs); 
  • Health flexible spending accounts (FSAs);
  • Transportation fringe benefit plans; and
  • 401(k) plans. 

ACTION STEPS

Employers should update their benefit plan designs for the new limits and also make sure that their plan administration will be consistent with the new limits in 2018. Employers may also want to communicate the new benefit plan limits to employees in connection with annual open enrollment. 

HSA and HDHP Limits

HSA Contribution Limit

Limit

2017

2018

Change

Self-only HDHP coverage

$3,400

$3,450

Up $50

Family HDHP coverage

$6,750

$6,900

Up $150

Catch-up contributions*

$1,000

$1,000

No change

*Not adjusted for inflation 

HDHP Limits

Limit

2017

2018

Change

Minimum deductible

Self-only coverage

$1,300

$1,350

Up $50

Family coverage

$2,600

$2,700

Up $100

Maximum out-of-pocket

Self-only coverage

$6,550

$6,650

Up $100

Family coverage

$13,100

$13,300

Up $200

FSA Benefits

FSA Limits

Limit

2017

2018

Change

Health FSA (limit on employees' pre-tax contributions)

$2,600

$2,650

Up $50

Dependent care FSA (tax exclusion)*

$5,000 ($2,500 if married  and filing taxes separately)

$5,000 ($2,500 if married and filing taxes separately)

No change

*Not adjusted for inflation

Transportation Fringe Benefits

Transportation Benefits

Limit (monthly limits)

2017

2018

Change

Transit pass and vanpooling (combined)

$255

$260

Up $5

Parking

$255

$260

Up $5

Adoption Assistance Benefits

Adoption Benefits

Limit

2017

2018

Change

Tax exclusion (employer-provided assistance)

$13,570

$13,840

Up $270

Qualified Small Employer HRA (QSEHRA)

QSEHRA

Limit

2017

2018

Change

Payments and Reimbursements

Employee-only coverage

$4,950

$5,050

Up $100

Family coverage

$10,000

$10,250

Up $250

401(k) Contributions

401(k) Contributions

Limit

2017

2018

Change

Employee elective deferrals

$18,000

$18,500

Up $500

Catch-up contributions

$6,000

$6,000

No change

 

 Brady, Chapman, Holland & Associates, Inc. 

713-688-1500

10055 West Gulf Bank Road

Houston, TX 77040

 

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Brady, Chapman, Holland & Associates, Inc., 10055 West Gulf Bank-, Houston, TX 77040

 

 

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