2017 HSA Tax Deduction, High-Deductible Health Plan Caps Set

The annual limit on tax deductions for health savings account contributions by individuals with family coverage under a high-deductible health plan will remain at $6,750 for calendar year 2017, the Internal Revenue Service said.

The limit for those with self-only coverage under an HDHP will increase by $50, to $3,400, the agency said April 28 in Revenue Procedure 2016-28.

The IRS said it will continue to define HDHPs as health plans with an annual deductible that isn’t less than $1,300 for self-only coverage or $2,600 for family coverage, with annual out-of-pocket expenses that don’t exceed $6,550 for self-only coverage and $13,100 ...