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. The new 2022 HSA contribution limits are as follows:
The guidance also includes the 2022 limit for an excepted benefit health reimbursement arrangement (HRA). It’s remaining at $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, people 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.
“The recent increase in IRS limits allows individuals and families to set aside more money to help pay for important qualified medical expenses or save for the future,” says Harrison Stone, General Counsel, ConnectYourCare.
“With the COVID-19 pandemic still top of mind for many, every little bit counts to help consumers save and pay for health care.”
