According to the IRS Notice for Revenue Procedure (2015-30), the 2016 calendar year inflation adjusted amounts for HSA’s have been released. HSA annual limitation on deductions for an individual with self only coverage (under a high deductible plan) is $3,350. For an individual with family coverage (under a high deductible plan), the annual limitation is set at $6,750.
A “high deductible health plan” defined by the IRS, is a health plan with an annual deductible that is not less than $1,300 for self-only coverage, or $2,600 for family coverage. See below for specifics on minimum deductibles, maximum annual contribution levels, and maximum out of pockets.
2016 Minimum Deductibles
– Individual – $1,300
– Family – $2,600
2016 Maximum Annual Contribution
– Individual – $3,350
– Family – $6,750
– “Catch up” amount for 55+ account holders is $1,000
2016 Maximum Out of Pocket
– Individual $6,550
– Family – $13,100
For more guidance on HSA’s and compliant health plans, please read the IRS Notice in it’s entirety by clicking here. Or call your local ACA & Group Health Expert at 1-800-962-4693.
