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Health Savings Account Limits Released

(posted: April 30th, 2016)

The IRS has issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts (HSAs).

This announcement also includes the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans Rev. Proc. 2016-28.

Under Sec. 223, individuals who participate in a health plan with a high deductible are permitted to make contributions to HSAs set up to help pay their medical expenses. This contribution deduction limit is subject to an annual inflation adjustment.

For 2017, the annual limit on deductible contributions is:

  • $3,400 for individuals with self-only coverage, a $50 increase from 2016
  • $6,750 for family coverage, unchanged from 2016

Health Savings Account Eligibility

To be eligible to contribute to an HSA, an individual must participate in a "high deductible health plan," which is 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, including deductibles, co-payments, and other amounts, but excluding premiums, does not exceed a certain limit each year (Sec. 223(c)). These limits are also subject to annual inflation adjustments.

For 2017, the lower limit on the annual deductible under a high-deductible plan is the same as for 2016:

  • $1,300 for self-only coverage
  • $2,600 for family coverage

The upper limit for out-of-pocket expenses is also unchanged from 2016:

  • $6,550 for self-only coverage
  • $13,100 for family coverage

If you have any questions about Health Savings Accounts and how these rules apply to you, please Contact Us.

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