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IRS releases 2016 adjustments for Health Savings Accounts

For calendar year 2016, the annual deductions limits are $3,350.00 for individuals with self-only coverage under a high deductible health plan and $6,750.00 for individuals with family coverage under a high deductible health plan.  For calendar year 2016, a ‘high deductible health plan’ is defined as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage.  (Internal Revenue Service)  Rev. Proc. 2015-30