Revenue Procedure 2016-28 Essentially Status-quo
Yesterday, the IRS provided the inflation adjusted deduction limitations for annual contributions made to a HSA under Section 223 of the Internal Revenue Code. These amounts are updated annually to reflect cost-of-living adjustments.
Contribution Limits
Self-only coverage = $3,400 (an increase of $50)
Family coverage = $6,750*
High Deductible Health Plan (HDHP)
A HDHP is defined as a health plan with an annual deductible not less than $1,300 for self-only coverage or $2,600 for family coverage, while annual out-of-pocket expenses may not exceed $6,550 (self-only) or $13,100 (family).*
*Unless noted, the amounts are unchanged and reflect current 2016 levels.
