Annual Contribution Limitations for Health Savings Accounts Adjusted for 2017
Under recent IRS guidance, there will be minimal changes to the annual contribution limits to Health Savings Accounts (HSAs) that will be tax-deductible for 2017. Actually, there will only be one change from 2016. Under Rev. Proc. 2016-28, an individual may contribute $3,400 to an HSA under a high deductible health plan for 2017. That’s a bump from $3,350 for 2016. The annual limit for an individual with family coverage remains unchanged at $6,750 for 2017. The definition of what constitutes a high deductible health plan (HDHP) also remains unchanged from 2016. For 2017, a HDHP will continue to mean a health plan with a minimum annual deductible of $1,300 for self-only coverage or $2,600 for a family and annual out-of-pocket expenses that don’t exceed $6,550 for self-only coverage or $13,100 for a family.