HSA Contribution Limits and Minimum Deductibles Announced for 2017
Annual Contribution Limitation
For calendar year 2017, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,400 (up from $3,350 for 2016). The annual limitation on HSA deductions for an individual with family coverage under a high deductible health plan is $6,750 (unchanged from 2016).
High Deductible Health Plan (Amounts Unchanged From 2016)
For calendar year 2017, a “high deductible health plan” is defined 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 the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage.
You may view the IRS Revenue Procedure announcing the 2017 amounts by clicking here.
Be sure to check out our section on Health Savings Accounts for more on HSAs.
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Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.
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