IRS 2022 HSA contribution limits have been announced.
The IRS announced an increase in HSA contribution limits for the 2022 tax year
Each year, the Internal Revenue Service (IRS) sets contribution limits for health savings accounts (HSAs). This year, contribution limits have increased by $50 for individuals and $100 for families.
Here is what you need to know about the HSA contribution limits for the 2022 calendar year:
- An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,650 — up $50 from 2021 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,050.
- An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,300 — up $100 from 2021 — for the year. The maximum out-of-pocket has been capped at $14,100.
The guidance also includes the 2022 limit for health reimbursement arrangements (HRAs), which remains $1,800.
The new limits increase the pre-tax amounts individuals and families may contribute to their HSA over 2021 limits by $50 and $100, respectively, though the minimum deductible for qualifying health plans remains the same from 2021 to 2022. Out-of-pocket maximums are up $50 for individuals and $100 for families over 2021 limits.
Please note: Individuals who have an HSA and are over age 55 can also contribute an extra $1,000 annually, in what is commonly called a “catch-up” contribution.