IRS Has Announced 2016 HSA Guidelines for 2016
Our goal with the Benefits Department is to always keep our clients updated on current legislative issues and laws that affect business owners and their employees. Colleen Murphy the Group Benefits Manager strives in keeping American Benefits clients well informed as the ACA Healthcare Laws go into effect. Currently, HSA 2016 guidelines have been released.
To keep the cost of group insurance affordable, HSA plans are becoming ever increasingly popular.
It is important to keep your employees updated on a yearly basis as to what they can contribute to their HSA plans. The IRS has released their 2016 contribution limits.
The 2016 health savings account guidelines were recently released by the Internal Revenue Service (IRS).
The annual deductible for both individuals and families will not change, nor will the annual contribution limits for individuals. However, there will be slight increases in the annual out-of-pocket limits for both individuals and families, as well as the annual contribution limit for families.
2016 Individual Coverage:
- Annual deductible must be at least $1,300/non-embedded and $2,600/embedded – No change from 2015
- Annual out-of-pocket limits may not exceed $6,550 – Increase of $100 from 2015
- Annual contribution limits are $3,350 – No change from 2015
2016 Family Coverage:
- Annual deductible must be at least $2,600 – No change from 2015
- Annual out-of-pocket limits may not exceed $13,100 – Increase of $200 from 2015
- Annual contribution limits are $6,750 – Increase of $100 from 2015