Your Quick Guide to Contribution Limits for HSA Plans in 2022

The IRS has released additional information regarding contribution limits for plan year 2022. For health savings accounts (HSA), there are a number of contribution limits to consider, including the minimum annual deductible, out-of-pocket maximums, and more.

But first, what is an HSA? Health Savings Accounts (HSA) have been around since 2003 to help individuals covered by high-deductible health plans (HDHP) save money for medical expenses. You must have a qualified HDHP in order to open and contribute to an HSA.

You can use your HSA for a number of qualified medical expenses, including x-rays, ambulance charges, pain relievers, eye drops, thermometers, and more. Click here for a more comprehensive list of eligible and ineligible medical expenses.

Included in the benefit limits set by the IRS are the minimum annual deductibles for families and individuals covered by an HSA plan. For 2022, the minimum annual deductible required to contribute to an HSA plan is $1,400 for individuals and $2,800 for families. This means, for an HDHP, the deductible must be a minimum of those amounts. The out-of-pocket maximums for these same HDHPs have increased slightly for 2022 to $7,050 for individuals and $14,100 for families.

The maximum contributions individuals and families may make to their HSA in 2022 have also slightly increased from 2021. Individuals may contribute up to $3,650 and families may contribute up to $73,00. In addition, those age 55 and up have a catch-up contribution limit of $1,000.

Did you know? ARC has a by-year summary of federally mandated and adjusted benefit limits (FSA, HSA, HRA) based on group size thresholds on the website. This page is continually updated with the latest information. Click here to review the most updated limits.