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May 12, 2015

Health Savings Accounts - 2016 Cost of Living Adjustments (article)

Health Savings Accounts - 2016 Cost of Living Adjustments

In Revenue Procedure 2015-30, the IRS released the 2016 cost of living adjustments relating to health savings accounts.

 

The HDHP annual deductible limits remain unchanged.  The HDHP out-of pocket limits and the statutory family HSA contribution amount are slightly increased. The $1,000 catch up contribution available to accountholders aged 55 and over is not tied to a cost of living adjustment and thus, remains at $1,000.

  

 

Individual/Self Only

Family

2015

2016

2015

2016

HDHP Annual Deductible

 

 

$1,300

 

$1,300

 

$2,600

 

$2,600

HDHP Annual Out-of-Pocket Limits*

 

$6,450

 

$6,550

 

$12,900

 

$13,100

Contribution Limits

$3,350

$3,350

$6,650

$6,750

 

*Note:  The out-of-pocket limits applicable to high deductible health plans used in conjunction with HSAs differ slightly from the ACA-imposed out-of-pocket limits, which for 2015 are $6,600 for self-only coverage, $13,200 for other than self-only coverage.  For 2016, the out-of-pocket limit increases to $6,850 for self-only, $13,700 for other than self-only coverage.

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.

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