Wednesday, July 1, 2015

HSA Amounts for 2016

The HSA amounts are indexed earlier in the year (normally in May) than other indexed items (normally in December).  Here are the indexed amounts for HSAs for 2016.

** The CONTRIBUTION limitations for 2016 are:

  • Single coverage is $3,350 (no change from $3,350 for 2015)
  • Family coverage is $6,750 (up from $6,650 for 2015)
    • (The catch up amount for taxpayers reaching age 55 or older by the end of the year remains at $1,000)

** A HIGH DEDUCTIBLE health plan is a plan that has an annual deductible that is not less than:

  • $1,300 for self-only coverage (no change from $1,300 for 2015)
  • $2,600 for family coverage (no change from $2,600 for 2015)

** The annual OUT-OF-POCKET expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed:

  • $6,550 for self-only coverage (up from $6,450 for 2015)
  • $13,100 for family coverage (up from $12,900 for 2015)

A copy of the Revenue Procedure can be found at by clicking on irs-drop and then on rp-15-30.

This text has been shared with you courtesy of:  David & Mary Mellem, EAs and Ashwaubenon Tax Professionals, 920-496-1065 (fax 920-496-9111).

©2015 Ashwaubenon Tax Professionals.  No reproduction of this article is permitted without the express consent of Ashwaubenon Tax Professionals, 2140 Holmgren Way, Suite 1040 , Green Bay , WI  54304 .

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