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New Health Savings Account (HSA) Limits Announced for 2022

The IRS has released Revenue Procedure 2021-25, which provides information on the limits for Health Savings Accounts (HSAs) for 2022. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,650 (up $50 from 2021). The deduction limitation for an individual with family coverage will be $7,300 (up $100 from 2021).

Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2022, the deductible must be at least $1,400 for self-only coverage and $2,800 for family coverage (no change from 2021).

Maximum Out-of-Pocket:
For 2022, out-of-pocket expenses may not exceed $7,050 for self-only coverage and $14,100 for family coverage (up from $7,000 and $14,000 in 2021, respectively).

These changes will go into effect for calendar year 2022. Please note that these limits are subject to change.

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