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HSA

In a world of increasing costs, we know the importance of offering your clients an option to cover medical expenses. Health Savings Accounts (HSAs) allow your clients to help their employees by setting aside pre-tax money for medical expenses as allowed by the IRS. The IRS limits are:

Health Savings Account

 2016

2017 

2018 

2019 

Annual Contribution Limit - Individual $3,350 $3,400 $3,450 $3,500
Annual Contribution Limit - Family $6,750 $6,750 $6,850* $7,000
Annual Catch-Up Contribution (ages 55 to 65)      $1,000 $1,000 $1,000 $1,000
Min Deductible - Individual $1,300 $1,300 $1,350 $1,350
Min Deductible - Family $2,600 $2,600 $2,700 $2,700
Max Out of Pocket - Individual $6,550 $6,550 $6,650 $6,750
Max Out of Pocket - Family $13,100 $13,100 $13,300 $13,500

*On Monday, March 5, 2018, the IRS announced that the previously released maximum family contribution limit to a Health Savings Account (“HSA”) is reduced from $6,900 to $6,850 in 2018. This change applies immediately and any family contribution to an HSA in 2018 over $6,850 could be subject to taxes and penalties.

The HSA is owned by the employee and the money continues to be the employee’s year after year, unlike the FSA where the money must be used for service incurred during that year or the money is lost. For more information, please see our HSA Sell Sheet.

Paramount recommends the following banks for HSAs, based on their customer service, experience with HSAs and willingness to lower fees for our members.

Wageworks  
Ryan Crasper
AVP Carrier Partnerships
Ryan.Crapser@wageworks.com


Fifth Third Bank 
Sara Jo Richmond
38 Fountain Square Plaza
Cincinnati, OH 45263
sarajo.richmond@53.com


Key Bank
Toby Surgo
7350 W Central Ave 
Toledo, OH  43617 
Toby_J_Surgo@KeyBank.com