2016 HSA Limits Released

The IRS has released Revenue Procedure 2015-30 notifying Health Savings Account owners of the funding and deductible limits effective January 1, 2016.

Annual HSA Contribution Limits
Single – $3,350 (unchanged from 2015)
Family – $6,750 ($100 increase from 2015)

Annual Minimum Required Deductibles
Single – $1,300 (unchanged from 2015)
Family – $2,600 (unchanged from 2015)

Out-of-Pocket Maximums
Single – $6,550 ($100 increase from 2015)
Family – $13,100 ($200 increase from 2015)

HSA Reporting Reminder:

IRS Form 5498-SA reports the total HSA contributions made to the HSA for the tax year. This form is mailed to account holders between April 15 and May 31 and a copy is sent to the IRS. Form 5498-SA should be retained for record keeping purposes only.

For more information on Health Savings Account (HSA) eligibility and utilization please contact your KBM Management Account Manager today.