IRS Announces 2017 Health Savings Account Contribution Limits

IRS Announces 2017 Health Savings Account Contribution Limits

Bulletin Type: 
Benefit Bulletins

The IRS has announced the 2017 Health Savings Account (HSA) maximum contribution limits detailed in the newly released Revenue Procedure 2016-28. HSA contribution and plan limits will remain mostly unchanged for 2017, with only the individual HSA contribution limit increasing by $50.

HSAs are tax-exempt accounts that help people save money for eligible medical expenses. To qualify for a HSA, the policyholder must be enrolled in a HSA-qualified high-deductible health plan, must not be covered by other non-HDHP health insurance or Medicare, and cannot be claimed as a dependent on a tax return.

HSA 2017 Contribution Limits:

• Individual (self-only coverage) – $3,400 ($50 increase from 2016)

• Family Coverage – $6,750 (unchanged from 2016)

HDHP 2017 minimum required deductibles:

• $1,300 for self-only coverage (unchanged from 2016)

• $2,600 for family coverage (unchanged from 2016)

Out-of-Pocket 2017 maximum:

(Expenses include deductibles, co-pays, and other amounts, but not premiums.)

• $6,550 for self-only coverage (unchanged from 2016)

• $13,100 for family coverage (unchanged from 2016)