Benefits Buzz

IRS Releases 2017 HSA Limits

Posted on May 2nd, 2016

The Internal Revenue Service (IRS) issued Revenue Procedure 2016-28 last week with information on the Health Savings Account (HSA) and qualified high deductible health plan (HDHP) limits for 2017. All limits will be the same as they are in 2016 with the exception of the HSA contribution limit available to those with a single-only HDHP. That amount will increase by $50 to a maximum of $3,400 for the year. The table below compares the HSA and HDHP limits from 2016 to 2017.

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

HSA contribution limits

  • 3,400 for individual coverage (increased $50 from 2016)
  • $6,750 for family coverage (no change from 2016)

HSA catch-up contributions (age 55 or older)

  • $1,000 (no change from 2016)

Minimum deductible requirements for HSA eligibility:

  • $1,300 for self-only coverage (no change from 2016)
  • $2,600 for family coverage (no change from 2016)

Maximum out-of-pocket limitations for HSA eligibility:

  • $6,550 for individual coverage (no change from 2016)
  • $13,100 for family coverage (no change from 2016)

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 HSAs from Flex now.

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.

 

Tag Cloud

Archives

Enter Your Email