IRS Releases Inflation-adjusted HSA Figures for 2017

News from RWHSG

Posted by Christian Wynns on June 26th, 2016

Health Savings Accounts (HSAs) allow eligible individuals to make deductible contributions that can be withdrawn tax-free to reimburse them for eligible medical expenses. For 2017, the limitation on HSA deductions is $3,400 (up from $3,350 for 2016) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $6,750 (no change from 2016) for an individual with family coverage. An HDHP is defined under IRC Sec. 223(c) as a health plan with an annual deductible not less than $1,300 (no change from 2016) for self-only coverage or $2,600 (no change from 2016) for family coverage, with annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) not exceeding $6,550 (no change from 2016) for self-only coverage or $13,100 (no change from 2016) for family coverage. Rev. Proc. 2016-28, 2016-20 IRB . Contact your local tax advisor for more information.