(May 5, 2015)
The IRS has released the 2016 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2016, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,350 ($6,750 for an individual with family coverage).
A “high-deductible health plan” is defined in Code Sec. 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage and annual out-of-pocket expense limits (deductibles, copayments and other amounts, but not premiums) that do not exceed $6,550 for self-only coverage or $13,100 for family coverage.
Rev. Proc. 2015-30
