The IRS has released the 2016 limits affecting Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs).
The HSA contribution limit for an individual with self-only HDHP coverage remains at $3,350 for 2016; however the contribution limit for an individual with family coverage will increase to $6,750. These limits do not include the additional annual $1,000 catch-up contribution amount for individuals age 55 and older, which is not subject to cost-of-living adjustments.
The minimum deductible for an HSA compatible HDHP plan remains at $1,300 for self-only coverage and $2,600 for family coverage. The 2016 HDHP out-of-pocket maximums will be $6,550 for single coverage and $13,100 for family coverage, an increase of $100 and $200 respectively. Also new for 2016, is the requirement that all plans limit the maximum out-of-pocket incurred by any one person to the single out-of-pocket limit of the plan, even if the individual is enrolled in family coverage.
This fall, the government will provide other cost-of-living adjustments that affect employers and plans, such as the Health Flexible Spending Account (FSA) limit, Social Security wage base, and qualified plan limits.” Prepared by Marsh Consulting Group. Click here for full chart. Also reference this FSA, HSA, and HRA comparison chart from Buck Consultants for additional details.
