2016 IRS limits for HSAs
The Internal Revenue Service (IRS) has issued changes to spending limits for health savings accounts (HSA) for 2016.
2016 HSA deductible and contribution limits
The IRS has set up Revenue Procedure 2015-30, which determines the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for HSAs for 2016. The limits are as follows:
- Annual Contribution Limits. Annual contributions to an HSA may not exceed $3,350 for individual coverage (self only) and $6,750 for family coverage. The annual "catch-up" contribution amount for individuals age 55 or older remains at $1,000.
- Annual Minimum Deductibles. The high deductible health plan (HDHP) offered with an HSA must have a minimum deductible of $1,300 for individual coverage (self only) and $2,600 for family coverage.
- Annual Maximum Out-of-Pocket Limits. Out-of-pocket expenses under the HDHP cannot exceed $6,550 for individual coverage (self only) and $13,100 for family coverage.
The chart below shows compared the 2015 and 2016 HSA limits.
|
2015 |
2016 |
|
Individual coverage |
Family coverage |
Individual coverage |
Family coverage |
Annual HSA contribution limitation |
$3,350 |
$6,650 |
$3,350 |
$6,750 |
Annual HDHP minimum deductibles amounts |
$1,300 |
$2,600 |
$1,300 |
$2,600 |
Annual HDHP maximum out-of-pocket amounts* |
$6,450 |
$12,900 |
$6,550 |
$13,100 |
HSA catch-up contributions |
$1,000 |
$1,000 |
*Deductibles, copayments, and other amounts, but not premiums.
If you have any questions, please contact John Sheppard at x22986.
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