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).
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