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 LLC (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.

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