The Internal Revenue Service announced new 2016 limits for Health Savings Accounts (HSAs) and their related qualifying High Deductible Health Plan (HDHP).

For 2016, the annual HSA contribution limit for an individual with self-only coverage under a high deductible health plan (HDHP) will be unchanged at $3,350, while contribution limits under a family HDHP will increase to $6,750.

The maximum out-of-pocket expense limit for self-only HDHP coverage for 2016 will be $6,550, while family HDHP coverage for 2016 will be $13,100.

For 2016, the deductibles under a HDHP must be at least $1,300 for self-only coverage and $2,600 for family coverage.

Keep in mind, to be eligible to contribute to a Health Savings Account, you must be enrolled in a qualifying health plan. SB&K Benefits can help you create a strategy to implement Health Savings Accounts into your benefit package.