NEWS

IRS Releases 2017 Health Savings Account Limits

The IRS released the 2017 cost of living adjustments relating to health savings accounts. For 2017, the HDHP annual deductible limits and out-of-pocket limits remain unchanged from 2016 limits; only the individual contribution limit increased slightly.

In Revenue Procedure 2016-28, the IRS released the 2017 cost of living adjustments relating to health savings accounts (HSA). For 2017, the high deductible health plan (HDHP) annual deductible limits and out-of-pocket limits remain unchanged. Only the individual contribution limit increased slightly. As a reminder, if a family HDHP plan has an embedded deductible, the statutory minimum deductible for any individual cannot be less than $2,600 (the family statutory minimum deductible). 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.