2016 Health Savings Account Tax Deduction Amounts

The annual limit on tax deductions that individuals can take for contributions they make to health savings accounts, or HSAs, will be $6,750 (increased from 2015) for family coverage under a high-deductible health plan, and $3,350 (same as 2015) for employee-only coverage under a high-deductible health plan. 
A high-deductible health plan is a plan with an annual deductible that is at least $1,300 for employee-only coverage or $2,600 for family coverage, with annual out-of-pocket expenses that do not exceed $6,550 for employee-only coverage and $13,100 for family coverage.  Deductibles are the same as for 2015, but these out-of-pocket limits are increased from 2015.

The IRS sets HSA contribution limits annually based upon cost-of-living adjustments. These increases will take effect in January 2016.

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Payroll Coordinator Beverly Yarbrough, Georgia Crown Distributing Company

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