health savings account

IRS Releases 2022 Key Numbers for Health Savings Accounts

September 21, 2021

The IRS has released the 2022 contribution limits for health savings accounts (HSAs), as well as the 2022 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits:

  • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
  • If you make contributions on your own using after-tax dollars, they’re deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
  • Contributions to your HSA, and any interest or earnings, grow tax deferred.
  • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

Here are the key tax numbers for 2021 and 2022.

Health Savings Accounts

Annual contribution limit

  • Self-only coverage
    2021 – $3,600
    2022 – $3,650
  • Family coverage
    2021 – $7,200
    2022 – $7,300

High-deductible health plan: self-only coverage

  • Annual deductible: minimum
    2021 – $1,400
    2022 – $1,400
  • Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed
    2021 – $7,000
    2022 – $7,050

High-deductible health plan: family coverage

  • Annual deductible: minimum
    2021 – $2,800
    2022 – $2,800
  • Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed
    2021 – $14,000
    2022 – $14,100

Catch-up contributions

  • Annual catch-up contribution limit for individuals age 55 or older
    2021 – $1,000
    2022 – $1,000

Note: The IRS has released the 2022 key tax numbers for health savings accounts (HSAs) and high-deductible health plans (HDHPs).

 

 

Important Disclosures


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