What's new for consumer-directed healthcare accounts in 2016?

learn about consumer-directed healthcare account changes

What does 2016 have in store for consumer-directed healthcare accounts? And, what exactly are these accounts? Each year, the Internal Revenue Service (IRS) releases its long-awaited consumer-directed healthcare account changes. The IRS provides an update as to whether these accounts will have different contribution limits or if there are other plan changes. Whether you have a flexible spending account (FSA) or a health savings account (HSA), these accounts are typically adjusted for inflation annually with a series of changes for the coming year.

Below are the current regulations of each of these accounts. Learn more about the most popular consumer-directed healthcare accounts:

Flexible Spending Accounts (FSAs) (Medical)

Changes for 2016: None

Contribution Limits: $2,550 per FSA account.

Note: If an individual and his/her spouse each have his/her own FSA, they could be setting aside $5,100 as a household.

Health Savings Accounts (HSAs)

Changes for 2016: No change in individual contribution limit, +$100 for families

High-Deductible Health Plan (HDHP) Maximum Out-of-Pocket Amounts: Individuals +$100 and +$200 for families

Contribution Limits (Employer + Employee): Individuals - $3,350, Married Couples Filing Jointly - $6,750

HSA Catch-Up Contributions (age 55 or older)*: $1,000

HDHP Minimum Deductibles: Individuals - $1,300, Family: $2,600

HDHP Maximum Out-of-Pocket Deductibles: Individual - $6,550, Family: $13,100

Health Reimbursement Accounts (HRAs)

Changes for 2016: No Changes

Contribution Limits: No Limit, Controlled by Employer

Limited Care Flexible Spending Accounts (LCFSAs)

Changes for 2016: No changes

Contribution Limits: $2,550 per FSA account. If individual and spouse each have their own FSA, could be $5,100 as a household.

For HSA-compatible LCFSA, can only be used for eligible non-medical vision or dental expenses throughout the plan year.

Dependent Care Flexible Spending Accounts (DCFSAs)

Changes for 2016: No changes

Contribution Limits: $5,000 per household, or $2,500 if married and filing separately.

As 2016 kicks off, be sure to meet with your benefits administrator to stay on top of your healthcare benefits, and spend your hard-earned dollars at FSAstore.com! If you'd like to learn more about FSAs, HSAs or HRAs, browse our comprehensive Eligibility List or Learning Center for answers to popular questions and to see details about eligible expenses. We have the web's largest selection of FSA eligible products to help you support the health and wellness of you and your dependents year-round.

Top FSA Eligible Products