Benefits Buzz

IRS Releases 2016 HSA Limits

Posted on May 8th, 2015

On May 4, 2015, the Internal Revenue Service (IRS) has released Revenue Procedure 2015-30 which details the inflation-adjusted amounts that impact qualified high deductible health plans and Health Savings Accounts (HSAs) for the 2016 calendar year, as outlined below:
 

These limits are updated annually and reflect cost-of-living adjustments.

HSA contribution limits

  • $3,350 for individual coverage (no change from 2015)
  • $6,750 for family coverage (increased $100 from 2015)

HSA catch-up contributions (age 55 or older)

  • $1,000 (no change from 2015)

Minimum deductible requirements for HSA eligibility:

  • $1,300 for self-only coverage (no change from 2015)
  • $2,600 for family coverage (no change from 2015)

Maximum out-of-pocket limitations for HSA eligibility:

  • $6,550 for individual coverage (increased $100 from 2015)
  • $13,100 for family coverage (increased $200 from 2015)

Flexible Benefit Service Corporation (Flex) is here to help. As a trusted benefits administrator of HSAs since their beginnings, we provide an easy way to manage eligible health care expenses – now and in retirement. Learn more about FlexHSA.

Join our mailing list or click here to stay updated on the latest healthcare reform and employee benefit news with Flex.

The materials contained within this communication are provided for informational purposes only and do not constitute legal or tax advice.

 

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