The IRS recently announced the account (HSA) rules savings and health 
requirements for 2017. This article examines the HSA contribution limits, minimum required HDHP deductibles, and out-of-pocket maximums for 2017, as determined annually by the Internal Revenue Service (IRS).
2017 annual HSA contribution limits
For calendar year 2017, the HSA contribution limits are annual:
- individuals (self only a blanket) - $ 3400 (up $ 50 from 2016)
- family coverage - $ 6.750 (no change from 2016)
2017 minimum HDHP franchises required
[1945006franchises] for the calendar year 2017, the high deductible health plan (HDHP) required for an HSA are:- $ 1.300 for self-only coverage (no change from 2016)
- $ 2.0 for family coverage (no change from 2016)
2017 HDHP maximum out-of-Pocket
the annual out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums.
For calendar year 2017, the maximum out -of-pocket are:
- $ 6,550 for self-only coverage (no change from 2016)
- $ 13,100 for family coverage (no change from 2016)
If you use an HSA to pay for non-qualified medical expenses, the tax penalty is 20 percent HSA distribution.
2017 HSA guidelines were released on 29 April 2016 by the IRS (see Revenue Procedure 2016-28).
Additional Resources include account-Based Health Plans
HSA are just one type of employers and employees accounts based health plans use expenses or reimbursement of medical expenses duty tax.
Wondering how HSA compared to other types of accounts, such as health reimbursement accounts (HRA), health care reimbursement plans (HRPS) and flexible spending accounts (RTA)?
Here are some additional resources to help:
- Health Reimbursement Arrangement (HRA) - What is it? [Article]
- HSA vs HRA vs HRP vs FSA Comparison Chart [Free PDF Download]
- Why Account-Based Health Plans (ABHPs) are on the rise [Article]
What questions do you have about health savings accounts or guidelines for 2017? Leave a comment below.
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