The 2016 health savings account guidelines were recently released by the Internal Revenue Service (IRS). To keep the cost of health insurance, especially group insurance, more affordable, HSA plans are becoming ever increasingly popular. It is important to keep your clients updated on an annual basis as to what they can contribute to their HSA plans.
The annual deductible for both individuals and families will not change, nor will the annual contribution limits for individuals. However, there will be slight increases in the annual out-of-pocket limits for both individuals and families, as well as the annual contribution limit for families.
2016 Individual Coverage:
- Annual deductible must be at least $1,300/non-embedded and $2,600/embedded – (No change from 2015)
- Annual out-of-pocket limits may not exceed $6,550 – (Increase of $100 from 2015)
- Annual contribution limits are $3,350 – (No change from 2015)
2016 Family Coverage:
- Annual deductible must be at least $2,600 – (No change from 2015)
- Annual out-of-pocket limits may not exceed $13,100 – (Increase of $200 from 2015)
- Annual contribution limits are $6,750 – (Increase of $100 from 2015)
For the official release from the IRS, please click here now. You may also download this document as a PDF and keep for your records.
