Updated HSA Limit

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This week, the IRS issued Revenue Procedure 2016-28, which updated the plan limits for health savings accounts and high deductible health plans. These limits, effective for 2017 calendar years, were virtually unchanged from the 2016 limits. In fact, the only change was a $50 increase in the contribution limit for self-only HSAs. Below is a chart summarizing the changes:

 

2016

2017

HSA – Self-only $3,350 $3,400
HSA – Family $6,750 $6,750
Catch-Up Contribution $1,000 $1,000
HDHP Minimum Deductible – Self-only $1,300 $1,300
HDHP Minimum Deductible – Family $2,600 $2,600
HDHP Maximum Out-of-Pocket – Self-only $6,550 $6,550
HDHP Maximum Out-of-Pocket – Family $13,100 $13,100

IRS CIRCULAR 230 DISCLOSURE

Thank you for your interest in our information on the current status of Affordable Care Act and its implementation. While we are happy to provide you our best information and analysis of the regulations promulgated by the Internal Revenue Service, please be advised that the contents and conclusions contained in this article and any email communication are introductory and educational in nature and do not express a formal, enforceable opinion. Nothing contained in this article and any email communication is intended to be used, or relied upon by any taxpayer for the purpose of avoiding taxation and penalties that may be imposed under the Internal Revenue Code. Any statement contained in this article and any email communication relating to any federal tax issue may not be used by any person to support the promotion, marketing of, or used to recommend any transaction for the purpose of avoiding taxation or penalties.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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