IRS Releases 2022 Key Numbers for Health Savings Accounts

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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