WASHINGTON — The maximum individual contribution to Health Savings Accounts is increasing from $2,900 to $3,000, the IRS announced last week.
The most that can be contributed to family plans will rise from $5,800 to $5,950. Catch-up contributions for those aged 55 and over will be $1,000, up from $900.
The maximum amount of out-of pocket amounts for High Deductible Health Plans self-coverage is $5,800 for individuals and $11,600 for families, up from $5,600 and $11,200, respectively.
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The minimum deductible for HDHPs increases from $1,100 to $1,150 for individuals and from $2,200 to $2,300 for families.
Those amounts are for the current calendar year for taxes due next year.
Contributions to HSAs are deductible for federal income taxes and for some state income taxes.
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