IRS Releases 2022 Key Numbers for Health Savings Accounts

hsa

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

 

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

 

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

 

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

 

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WE’RE HERE TO HELP

If you have questions about your HSA contributions, please call or email us at (410) 823-5442 or invest@peakeadvisors.com.

Chesapeake Financial Advisors is a fee-only financial planning, investment advisory and tax planning firm with offices in Towson, Columbia, and Frederick, Maryland.

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https://www.peakeadvisors.com/site/wp-content/uploads/2019/05/Compliance-Social-Media-Disclaimer.pdf 

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