New HSA Deduction Limits Released for 2016

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The IRS recently released the 2016 annual deduction limits for a health savings account (HSA). These limits are typically adjusted each year for inflation.

The 2016 limits are $3,350 for an individual with self-only coverage and $6,650 for an individual with family coverage. Such deductible contributions can only be made to an HSA that is maintained in conjunction with a high-deductible health plan (HDHP).

An HDHP plan is defined as a plan with an annual deductible of $1,300 or more for self-only coverage or $2,600 or more for family coverage. The corresponding maximum out-of-pocket expenses are $6,550 and $13,100, respectively.

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