A comparison of the 2016 and 2015 limits is shown below:
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Contribution and Out-of-Pocket Limits for Health Savings Accounts |
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For 2016 |
For 2015 |
Change |
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HSA contribution limit(employer + employee) |
Individual: $3,350 Family: $6,750 |
Individual: $3,350 Family: $6,650 |
Individual: no change Family: +$100 |
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HSA catch-up contributions(age 55 or older)* |
$1,000 |
$1,000 |
No change** |
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HDHP minimum deductibles |
Individual: $1,300 Family: $2,600 |
Individual: $1,300 Family: $2,600 |
Individual: no change Family: no change |
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HDHP maximum out-of-pocket amounts(deductibles, co-payments and other amounts, but not premiums) |
Individual: $6,550 Family: $13,100 |
Individual: $6,450 Family: $12,900 |
Individual: +$100 Family: +$200 |
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* Catch-up contributions can be made any time during the year in which the HSA participant turns 55. ** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change. |
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Penalties for Nonqualified Expenses
Those under age 65 (unless totally and permanently disabled) who use HSA funds for nonqualified medical expenses face a penalty of 20 percent of the funds used for such expenses. Funds spent for nonqualified purposes are also subject to income tax.
September 4, 2015 10:00 am
