The IRS has announced the inflation-adjusted amounts for contributions, plan deductibles and out-of-pocket expenses for health savings accounts (HSAs) for 2016.
Rev. Proc. 2015-30 sets the 2016 limit on HSA contributions at $3,350 for an individual with self-only coverage, which is the same as the 2015 limit, and $6,750 for an individual with family coverage, which is a $100 increase from the 2015 limit. To qualify for an HSA, an individual's coverage in a group health plan must be under a high-deductible health plan (HDHP). The guidance provides that in 2016, HDHPs must have an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, both of which are the same as the 2015 deductibles. The annual out-of-pocket expenses for 2016 cannot exceed $6,550 for self-only coverage or $13,100 for family coverage.
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