The annual cap on deductible contributions to HSAs rises to $3,400 in 2017 for self-only coverage. The ceiling for account owners with family coverage remains $6,750. Individuals born before 1963 can put in an additional $1,000. Minimum policy deductibles stay at $2,600 for families and $1,300 for singles. The limits on out-of-pocket costs, such as deductibles and copayments, stay steady at $13,100 for people with family coverage and $6,550 for individual coverage.
The limits on deducting long-term-care premiums are higher in 2017. Taxpayers who are 71 or older can write off as much as $5,110 per person. Filers age 61 to 70…$4,090. Those who are 51 to 60 can deduct up to $1,530. Individuals age 41 to 50 can take $770. And people age 40 and younger…$410. For most, long-term-care premiums are medical expenses taken only by itemizers.
The threshold for deducting medical expenses on Schedule A jumps to 10% of AIG for taxpayers who are age 65 or older, starting with 2017 returns filed in 2018. This higher floor, set as part of Obamacare, has applied to younger filers since 2013.