New IRS Guidelines for Contributions & Out-of-Pocket Expenses for HSAs for High-Deductible Plans
Maximum OOPs for individual and family accounts won’t budge next year, and contributions will remain intact for family plans. Individual contributions increased slightly.
Here’s the run-down of the details:
- Out-of-pocket maximums are unchanged at $6,550 for individuals and $13,100 for families;
- Maximum contributions for family plans remain the same at $6,750;
Individual contributions can increase from $3,350 to $3,400.
- High deductible plans in 2017 will be those that have an annual deductible of least $1,300 for self-only coverage and $2,600 for family coverage.
- HSAs are open to all men and women enrolled in a high-deductible health insurance program (exceeding $1,300 for individuals and $2,600 for family) aside from those policyholders currently covered by Medicare or listed as a dependent.
- For both 2015 and 2016, IRS regulations mandating the potential contributions on plans covering families (a minimum of two people) held successive increases of $100.
- Individual restrictions, meanwhile, were bumped up by $50 in 2015, but remained stable the following year.
The annual fluctuations of HSA contribution levels are based directly upon federal cost of living adjustments. They will be applied for the calendar year of 2017. A full account of the new guidelines may be read under Revenue Procedure 2016-28.
COOK, D. (2016, April 29). 2017 HSA limits released. Retrieved May 10, 2016, from http://www.benefitspro.com/2016/04/29/2017-hsa-limits-released