New Health Savings Account Deduction Limits Released for 2017

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The IRS recently released the 2017 annual deduction limits for health savings accounts (HSA), which are typically adjusted each year for inflation.

The 2017 limits are $3,400 for an individual with self-only coverage and $6,750 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.

A high-deductible 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.

Health savings accounts continue to be …read more

Read more here:: Government Contracting

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