The IRS said it is raising the maximum allowable contribution toa health savings account by $100 in 2016—butonly for families.
|The IRS quietly announced in May that the maximum contributionthat can be made next year to an HSA linked to a high-deductibleplan will be $6,750 for employees with family coverage, up from$6,650 in 2015. The maximum contribution for those with singlecoverage, however, will remain unchanged at $3,350.
|Last year, the maximum HSA contribution for individuals jumped$50.
|Read: HSAsjump nearly 30 percent
|HSA contribution limits are updated annually to reflectcost-of-living adjustments.
|For calendar year 2016, a HDHP will be defined as a health planwith an annual deductible that is “not less than $1,300 forself-only coverage or $2,600 for family coverage.” Also, annualout-of-pocket expenses—such as deductibles, copayments and otheramounts that do not include premiums—will not exceed $6,550 forself-only coverage or $13,100 for family coverage, the IRSsaid.
|The increases are detailed in Revenue Procedure 2015-30, andtake effect in January.
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