FW: 2022 Health Savings Plans

Take-Away: The IRS just published its inflation adjusted amounts for Health Savings Accounts (HSA’s) for 2022.

Source: Revenue Procedure 2021-25, 2021-21 IRB (May 10,2021)

Summary: The inflation-adjusted annual limitation on deductions for Health Savings Accounts [IRC 223(b)(2)(A)] for 2022 follow:

– Individual: The annual limitation on deductions for an individual with self-coverage under a high deductible health plan will be $3,650.

– Family: The annual limitation on deductions for an individual with family coverage under a high deductible health plan will be $7,300.

High Deductible Health Plan Defined: For 2022, a high deductible health plan [IRC 223(c)(2)(A)] is a health plan with an annual deductible that is not less than $1,400 for self-only coverage, and $2,800 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums paid) do not exceed $7,050 for self-only coverage, or $14,100 for family coverage.