IRS Releases Inflation-adjusted HSA Figures for 2017
Health Savings Accounts (HSAs) allow eligible individuals to make deductible contributions that can be withdrawn tax-free later to reimburse the individual for eligible medical expenses. For 2017, the limitation on HSA deductions is $3,400 (up from $3,350 for 2016) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $6,750 (no change from 2016) for an individual with family coverage. An HDHP is defined under IRC Sec. 223(c) as a health plan with an annual deductible not less than $1,300 (no change from 2016) for self-only coverage or $2,600 (no change from 2016) for family coverage, with annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) not exceeding $6,550 (no change from 2016) for self-only coverage or $13,100 (no change from 2016) for family coverage. Rev. Proc. 2016-28, 2016-20 IRB.
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