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.
IRS 2023 HSA Contribution Limits
IRS 2021 HSA Contribution Limits
Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. For details and disclosures visit betterment.com. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.
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