The Internal Revenue Service (IRS) has announced the 2017 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code. For 2017, some HSA contribution limits and high-deductible health plan (HDHP) out-of-pocket maximums remain the same while others have increased from 2016 limits.
2017 Annual HSA Contribution Limits:
- $3,400 for self-only coverage
- $6,750 for family coverage
The annual limitation on deductions for an individual with self-only coverage under a HDHP has increased from the 2016 limit of $3,350, while the family limit remains unchanged from 2016.
2017 HDHP Minimum Annual Deductible (Unchanged from 2016):
- $1,300 for self-only coverage
- $2,600 for family coverage
2017 HDHP Annual Out-of-Pocket Maximum (Unchanged from 2016): (deductibles, copayments, and other amounts, but not premiums)
- $6,550 for self-only coverage
- $13,100 for family coverage
You can access the IRS Revenue Procedure announcing the 2017 amounts by clicking here.
As always, please do not hesitate to reach out with any questions or concerns. Thank you for your attention to this important compliance E-Alert.