By Mary Ellen Schill
May 2, 2016
Late last week the IRS announced its adjustments to the health savings account limits for 2017. These limits are adjusted annually by the IRS for “cost of living.” Since the IRS rules for cost of living adjustments provide that adjustments are only made in $50 increments, and even then only if rounding to the nearest multiple of $50 results in an adjustment, the fact of the matter is there weren’t a lot of adjustments made!
Take a look for yourself here. 2017 looks a lot like 2016, doesn’t it? Only one limit changes, and that’s the limit on HSA contributions for someone with self-only coverage (going from $3,350 to $3,400). I will point out that the “catch-up” contribution limit has not changed because it is a statutory limit with no built-in cost of living adjustment.
Even though it’s only the beginning of May, it’s never too early to plan for 2017.
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