Time & Attendance
Prevent Call Outs
Implementation & Launch
By Sarah Sipek
May. 6, 2015
The U.S. Internal Revenue Service isn’t known for doling out good news, yet the agency recently broke character when it announced that it will raise the maximum allowable contribution to a health savings account by $100 in 2016.
This means that more of an employee’s hard-earned dollars can go untaxed by the government if put toward a high-deductible health care plan. There’s a catch, though. The increased limit only applies to families. Limits for individuals will remain unchanged.
The IRS said on May 4 that the maximum contribution that can be made next year to an HSA linked to a high-deductible plan will be $6,750 for employees with family coverage, up from $6,650. The maximum contribution for those with single coverage will remain at $3,350.
Unfortunately, in a balancing act, maximum out-of-pocket expenses will increase in 2016 for both groups. Individuals will pay an additional $100 for single coverage while families will pay an additional $200 before their high-deductible health plan coverage kicks in.
The increases in HSA limits have been attributed to recent changes in the cost of living.
Schedule, engage, and pay your staff in one system with Workforce.com.
federal law, minimum wage, pay rates, state law, wage law compliance
Staffing Management4 proven steps for tackling employee absenteeism
absence management, Employee scheduling software, predictive scheduling, shift bid, shift swapping
Time and Attendance8 ways to reduce overtime and labor costs
labor costs, overtime, scheduling, time tracking, work hours
Don't miss out on the latest tactics and insights at the forefront of HR.