INCREASES IN HSA CONTRIBUTION LIMITS FOR 2016
On May 4, the IRS announced in Revenue Procedure 2015-30, the annual contribution limits for health savings accounts (HSA) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high deductible health plans for calendar year 2016.
Individuals who participate in a health insurance plan with a "high deductible" are permitted a tax deduction for contributions to qualified HSAs. These individual and family plans are designed to help taxpayers pay their qualified medical expenses in a tax-free manner.
To be eligible to contribute to an HSA, an individual must participate in a "high deductible health plan". The IRS has defined this term as a health plan with an annual deductible that is not less than a certain limit each year and for which the annual out-of-pocket expenses do not exceed a certain limit each year.
For calendar year 2016, the maximum allowable deduction for an individual with self-only coverage under a high deductible health plan is $3,350. For taxpayers with family coverage under a high deductible health plan, the maximum deduction is $6,750.
Also for 2016, a "high deductible health plan" has been defined as annual deductibles that are not less than $1,300 (self-only coverage) or $2,600 (for family coverage), and the annual out-of-pocket expenses cannot exceed $6,550 (self-only coverage) or $13,100 (family coverage).
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