IRS 2022 HSA contribution limits have been announced

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.