IRS RELEASES HSA LIMITS FOR 2016
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 IRS announced the following limits for 2016:
The maximum HSA contribution limit;
The minimum deductible amount for high deductible health plans (HDHPs); and
The maximum out-of-pocket expense limit for HDHPs.
These limits vary based on whether an individual has self-only or family coverage under an HDHP.
Only some of the HSA limits will increase for 2016. The limits that will increase are the HSA contribution limit for individuals with family HDHP coverage and the maximum out-of-pocket expense limit for self-only and family HDHP coverage.
Contact 360benefits for a copy of our latest Legislative Brief with the new 2016 limits.