We have good news and bad news for the changes to H.S.A contributions for 2017. So here is the good news… You won’t have to remember much! The bad news, the contributions didn’t go up very much at all so you can’t add more to your yearly contribution in 2016. The Internal Revenue Service (IRS) issued its new guidelines for contributions and out-of-pocket expenses for Health Savings Accounts (H.S.A’s) that are tied to a high-deductible plan this week.
Maximum OOPs for individual and family accounts; won’t change next year, and contributions will remain intact for family plans. Individual contributions increased slightly.
Here’s the nitty gritty:
- Out of pocket maximums are unchanged at $6,550 for individuals and $13,100 for families;
- Maximum contributions for family plans remain the same at $6,750;
- Individual contributions can increase from $3,350 to $3,400.
- High deductible plans in 2017 will be those that have an annual deductible of least $1,300 for self-only coverage and $2,600 for family coverage