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.

On April 23, the Internal Revenue Service announced new 2015 limits for health savings accounts (HSAs).

For 2015, the annual HSA contribution limit for an individual with self-only coverage under a high deductible health plan (HDHP) will be $3,350, while contribution limits under a family HDHP will be $6,650.

The maximum out-of-pocket expense limit for self-only HDHP coverage for 2015 will be $6,450, while family HDHP coverage for 2015 will be $12,900.

For 2015, the deductibles under a HDHP must be at least $1,300 for self-only coverage and $2,600 for family coverage.

The IRS has released the 2012 cost-of-living adjustments affecting health savings accounts. The Health Savings Account (HSA) contribution limits and High Deductible Health Plan (HDHP) out-of-pocket maximums will increase slightly, while the HDHP minimum required deductibles remain unchanged for the third year in a row. Here are the details:

HSA Contribution Limits:

• The 2012 annual HSA contribution limit for individuals with self-only HDHP coverage is $3,100 (a $50 increase from 2011), and the limit for individuals with family HDHP coverage is $6,250 (a $100 increase from 2011).
• HDHP Minimum Required Deductibles: The 2012 minimum annual deductible for self-only HDHP coverage remains $1,200 and the deductible for family HDHP coverage remains $2,400.
• HDHP Out-of-Pocket Maximum: The 2012 maximum limit on out-of-pocket expenses (including items such as deductibles, co-payments, and co-insurance, but not premiums) for self-only HDHP coverage is $6,050 (a $100 increase from 2011), and the limit for family HDHP coverage is $12,100 (a $200 increase from 2011).

Everything else, including eligible expenses and penalties, remains as is. Also,remember that as of Jan. 1, 2011 over-the-counter medications (with the exception of insulin) are no longer a covered expense under an HSA, FSA, or HRA without a doctor’s prescription, and the penalty for using HSA funds for ineligible expenses increased from 10 percent to 20 percent.