IRS Sets 2016 Limits for HSA Deductions – Minor Changes

The IRS released this week the inflation adjusted limits for health savings accounts (maximum contributions) and HSA-compatible health plans (minimum deductibles and maximum out-of-pocket costs).

2016 IRS Limits*

  Type of Limit

Single Plan

Family Plan

Maximum HSA Contribution Limit $3,350  ($3,350) $6,750  ($6,650)
Minimum Health Plan Deductible $1,300  ($1,300) $2,600  ($2,600)
Maximum Health Plan Out-of-Pocket $6,550  ($6,450) $13,100 ($12,900)
Catch-up Contribution (Age 55+) $1,000  ($1,000) $1,000  ($1,000)

*2015 Limits in parentheses

 For official word from the IRS refer to  http://www.irs.gov/pub/irs-drop/rp-15-30.pdf

Costs For Routine Colonoscopies and Who Pays? It Can Be A Real Pain… In the Pocketbook.

We’ve seen quite a spike recently in the number of claims issues clients’ employees are reporting related to the coverage of colonoscopies.  The problem almost always centers on billing for the service and payment of the claim.  Many employees report that they are being forced to pay out-of-pocket for colonoscopies that they believe should be fully covered under preventive care benefits.

Questions about Obamacare and Tax Season?

Here’s Some Info To Help…

If an employee (and others in their respective tax household) had health coverage for the entire year (employer sponsored, individual plan, Medicare, Medicaid, etc.,) they’ll only need to simply check the box on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 of Form 1040-EZ and they’re done.

Want the Key to Controlling Your Personal Health Spending?

Healthcare consumerism is good. We should all work to get better at it. Transparency tools that are provided by the carriers and by innovative up and comers like CareTrader can be quite helpful. We should take advantage of these tools and use them wisely.

But, if you really want to control your personal healthcare spending, get the best bang for your healthcare buck and achieve the best possible medical outcome, your best bet is to PICK THE RIGHT DOC.

Why?

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