Compliance Alert: 2016 Health Savings Account Limits Released
Marshall & Sterling E-Alerts - Keeping You in the Know
The Internal Revenue Service (IRS) has announced the 2016 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.
For 2016, some HSA contribution limits and high-deductible health plan (HDHP) out-of-pocket maximums remain the same while others have increased from 2015 limits. See below for a summary.
2016 Annual Contribution Limits:
- $3,350 for self-only coverage
- $6,750 for family coverage
Self-only coverage limit remains unchanged from 2015 limit, while family limit increased from 2015 limit of $6,650.
2016 High Deductible Health Plan Minimum Annual Deductible:
- $1,300 for self-only coverage
- $2,600 for family coverage
Unchanged from 2015 minimum annual deductible of $1,300 for self-only coverage and $2,600 for family coverage.
2016 HDHP Annual Out-of-Pocket Maximum:
(deductibles, copayments, and other amounts, but not premiums)
- $6,550 for self-only coverage
- $13,100 for family coverage
Up from 2015 limits of $6,450 for self-only coverage and $12,900 for family coverage.
You may view the IRS Revenue Procedure announcing the 2016 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 HR news alert.
Dannielle O'Toole, Esq.
Health Care Reform & Compliance Specialist
Marshall & Sterling Insurance
110 Main Street
Poughkeepsie, NY 12601
845-226-3083, ext. 2452