DID YOU KNOW?

On May 4, 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-30 to announce the inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2016.

The following limits apply for 2016:

• The HSA contribution limit is $3,350 for self-only and $6,750 for family.

• The minimum deductible for high deductible health plans (HDHPs) is $1,300 for self-only and $2,600 for family.

• The maximum out-of-pocket for HDHPs is $6,550 for self-only and $13,100 for family.