New HSA limits for 2017
A health savings account (HSA) allows taxpayers to set aside funds for health expenses. A deduction for the amount contributed is allowed as a deduction up to the limit allowed by the Code. This deduction is indexed to inflation and the IRS just announced the amounts allowed for 2017 as:
- Singles – $3,400 up from $3,350
- Family – $6,750 (no change from 2016)
Annual minimum deductibles remain the same at $1,300 (singles) and $2,600 (family) and the maximum out-of-pocket remains the same at $6,550 and $13,100.