Heads up on health plan and savings account limits for 2016
Heads up: New contribution limits and other requirements for 2016 health plans are on the books.
The IRS just released Health Savings Account (HSA) contribution limits, along with High Deductible Health Plan (HDHP) required deductibles and out-of-pocket maximums, for 2016.
Here are the 2016 limits, based on cost-of-living adjustments.
2016 at a glance
The annual contribution limits:
- Single coverage. The maximum an individual with self-only coverage in an HDHP can contribute to an HSA remains at $3,500.
- Family coverage. The max contribution for an individual with family coverage in an HDHP is $6,750 (up $100 from 2015).
The minimum deductibles:
- Single. The minimum deductible for self-only HDHP coverage will remain at $1,300.
- Family. The minimum will remain at $2,600.
The out-of-pocket maximums:
- Single. The maximum amount an HDHP participant can pay out of pocket for self-only coverage (including deductibles, co-pays and co-insurance – but not premiums) will jump to $6,550 (up $100).
- Family. The max an HDHP participant can pay for a family plan is $13,100 (up $200).
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Webinars
Provided by Yooz
Further Reading
EBSA FY 2025 Enforcement Snapshot $1.4B recovered for workers and plans 878 civil investigations closed 253 criminal investigatio...
Instant payouts are replacing traditional paychecks for millions of workers, according to a new PYMENTS Intelligence Report titled “Insta...
Employers will see clearer control over pharmacy benefit costs and their impact on the income statement, with Finance and HR sharing more e...
While the IRS can assess penalties under the Affordable Care Act (ACA), it can’t issue the certifications required beforehand, a court ha...
A new proposed rule from the Department of Labor’s Employee Benefits Security Administration outlines how 401(k) fiduciaries must assess ...
Earned wage access, also known as on-demand pay, is being leveraged by your peers as a key recruitment and retention tool for workers who m...
