Do you wait with anticipation for each update from the IRS? Well, wait no more as Revenue Procedure 2016-28 was released last Friday.
In Simple Terms, hardly anything changes for 2017 in regards to HSA’s next year. The only change is a small $50 increase on Self-Only contributions.
The bigger impact news and why this is an important release to pay attention to now before summertime—This allows Employers and Plan Sponsors plenty of time to know that they will not have to make any changes to plan designs for the upcoming 2017 year to keep compliant with the IRS Rules for HDHP minimum deductibles and maximum out-of-pocket limits.
|Type of Limit||2016||2017||Change|
|HSA Contribution Limit||Self-only||$3,350||$3,400||Up $50|
|HSA Catch-up Contributions (not subject to adjustment for inflation)||Age 55 or older||$1,000||$1,000||No change|
|HDHP Minimum Deductible||Self-only||$1,300||$1,300||No change|
|HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums)||Self-only||$6,550||$6,550||No change|