IRS Raises 2017 HSA Contribution Limits for Individuals But Not Families
Individuals will be able to contribute $3,400 to their HSA in 2017, a $50 increase, while families’ contributions will remain the same as in 2016: $6,750.
To qualify as a HDHP in 2017, a plan must have a minimum annual deductible of $1,300 for self-only coverage (the same as for 2016), or $2,600 for family coverage (also the same as for 2016). The maximum out-of-pocket expenses permitted for a HDHP is $6,550 for self-only coverage and $13,100 for family coverage.
Employers are advised to begin updating payroll and plan administration systems to reflect the 2017 cost-of-living adjustments. In addition, employers should incorporate the 2017 HSA limits into all relevant participant communications, like open enrollment and communication materials, plan documents and summary plan descriptions.