HSA 2022 Contribution Limits - Blue Ridge Risk Partners

HSA 2022 Contribution Limits

October 14, 2021


It’s the most wonderful time of the year!  Folks are moving into the seasonal spirit for multiple holidays, wrapping up the current calendar year for home and work, and thinking of their upcoming 2022 HSA Contributions Limits.  Well, maybe not that last one, but they should be.

Each year the IRS updates the Annual Contribution Limits for qualified Health Savings Accounts (HSA’s).  These funds are then used to pay for eligible medical, prescription, dental and vision services that may occur during the year or even in the future.

While some may contribute a bare minimum amount, or an amount that matches their plan deductible, others contribute the maximum amount to building the funds in the account.  Per the IRS regulations, contributions to a HSA is contingent on being paired with a Qualified High Deductible Health Plan (QHDHP).  The funds are Individually Owned, and are portable with a move to another eligible qualified plan or vendor.  In the event that a future medical plan is not considered a QHDHP, the monies are still available to be spent down towards eligible expenses.  There is no use it or lose it!

Additionally, for those Ages 55 to 65, the IRS allows an annual ‘Catch-Up’ contribution to be made.  These additional amounts can be used to build up the funds in the HSA for when they reach Medicare age and are no longer allowed to contribute to the accounts.  This provides addition cushion to ‘spend down’ as eligible expenses occur during the retirement years.

The Limits and Plan Design Maximums are as follows:

Annual Contribution Limit – Individual$3,650
Annual Contribution Limit – Family$7,300
Annual Catch-Up Contribution limit (age 55 to 65)$1,000
Minimum Deductible for HDHP – Individual$1,400
Minimum Deductible HDHP – Family$2,800
Maximum Out-of-Pocket for HDHP – Individual $7,050
Maximum Out-of-Pocket HDHP – Family$14,100

For more information on which expenses are eligible for HSA’s the most recent IRS document can be found here:

https://www.irs.gov/pub/irs-pdf/p502.pdf

If you have questions on HSA eligibility with your existing coverage, or setting up one of these plans, please reach out to your Blue Ridge Risk Partners contact or myself.