Yesterday, the IRS released the 2016 tax inflation adjustments for tax rate schedules and other tax-related changes.
Highlights related to health insurance benefits include:
- For tax year 2016 participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,250, up from $2,200 for tax year 2015; but not more than $3,350, up from $3,300 for tax year 2015.
- For self-only coverage the maximum out of pocket expense amount remains at $4,450.
- For tax year 2016 participants with family coverage, the floor for the annual deductible remains as it was in 2015 — $4,450 — however, the deductible cannot be more than $6,700, up $50 from the limit for tax year 2015.
- For family coverage, the out of pocket expense limit remains at $8,150 for tax year 2016 as it was for tax year 2015.
Read more on the IRS website.