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
| Self-only coverage |
$3,600 |
$3,650 |
| Family coverage |
$7,200 |
$7,300 |
| 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 |
| 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 |
| Annual catch-up contribution limit for individuals age 55 or older |
$1,000 |
$1,000 |
