2016 HSA Contribution Limits and Minimum Deductibles
The IRS has released the 2016 inflation adjusted amounts for health savings accounts (HSAs). To be eligible to make HSA contributions, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.High Deductible Health Plan Coverage
An HDHP has a higher annual deductible than typical health plans and a maximum limit on the sum of the annual deductible and other out-of-pocket expenses. For 2016, the minimum annual deductible is $1,300 for self-only coverage or $2,600 for family coverage. Annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) may not exceed $6,550 for self-only coverage or $13,100 for family coverage.(An HDHP may provide certain preventive care benefits without a deductible, as required under Health Care Reform.)Annual HSA Contribution Limitation
An eligible employee, his or her employer, or both may contribute to the employee's HSA. For calendar year 2016, the annual limitation on HSA deductions for an individual with self-only HDHP coverage is $3,350. For an individual with family coverage under an HDHP, the annual limitation on HSA deductions is $6,750. The limit is increased by $1,000 for eligible individuals age 55 or older at the end of the tax year.You can learn more about HSAs in our section on Health Savings Accounts.OSHA Updates 'It's The Law' Poster for Employers to Display in the WorkplaceThe U.S. Occupational Safety and Health Administration (OSHA) has released a new version of its "Job Safety and Health - It's The Law!" poster. Employers must display the poster in a conspicuous place where workers can see it; however, previous versions of the poster do not need to be replaced. (Employers in states operating OSHA-approved state plans should obtain and post the state's equivalent poster.)The newly designed poster informs employers of their legal obligation to provide a safe workplace. It also informs workers of their right to request an OSHA inspection of their workplaces, receive information and training on job hazards, report a work-related injury or illness, and raise safety and health concerns with their employer or OSHA without being retaliated against.Additionally, the poster has been updated to include the new reporting obligations for employers, who must now report every fatality and every hospitalization, amputation and loss of an eye. It also informs employers of their responsibilities to train all workers in a language and vocabulary they can understand, comply with OSHA standards, and post citations at or near the place of an alleged violation.To learn about other federal notices required to be displayed in the workplace, please visit our section on Federal Poster Requirements.