IRS Issues HSA Contribution Limits for 2016
The IRS announced on May 4, 201
5 the HSA contribution limits for 2016. For individuals with self-only coverage the 2016 deductible contribution limit is $3,350 (same as 2015) and for family coverage the limit has increased to $6,750.
To be eligible to contribute to a HSA you must participate in a high deductible health plan, which for 2016, is a health plan with an annual deductible that is higher than $1,300 for self-only coverage and $2,600 for family coverage and with an annual limit of out-of-pocket expenses lower than $6,550 for self-only coverage and $13,100 for family coverage.
To learn about the new contribution limits click here. To find out more about HSAs and other tax-favored health plans click here to review IRS […]
With the Affordable Care Act coming fully on-line in 2014, now would be a good time to review the four types of tax-advantaged accounts that can be used to pay for unreimbursed medical expenses. The Congressional Research Service has published a report that summarizes the key components of Health Care Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), Health Savings Accounts (HSAs), and Archer Medical Savings Accounts (MSAs), including how they are affected by the Affordable Care Act.