The IRS recently released the 2016 inflation adjusted amounts for health savings accounts (HSAs).
You are eligible to contribute to an HSA if you are covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.
2016 Annual HSA Contribution Limitation
The maximum contribution to a health savings account (HSA) for 2016 is:
|HSA contribution limit (employer + employee)||
2016 High Deductible Health Plan
For calendar year 2016, a high deductible health plan (HDHP) is defined as a health plan with:
|HDHP minimum deductible||
|HDHP maximum out-of-pocket (deductibles, co-payments and other amounts, but not premiums)||
You can view the complete IRS announcement — IRS Revenue Procedure 2015-30 — here.
If you are wondering if a high deductible health plan with health savings account is right for you, give us a call at 703-707-8270.