On May 10, 2021, the Internal Revenue Service (IRS) announced (see Revenue Procedure 2021-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs).
The amounts for 2022 are as follows:
- Annual limitation on deductions to an HSA: Self-Only coverage is $3,650, which increased $50 from 2021
- Annual limitation on deductions to an HSA: Family coverage is $7,300, which increased $100 from 2021
- HDHP – Self-Only coverage
- Annual deductible not less than $1,400*
- Annual out of pocket expenses do not exceed $7,050, which increased $50 from 2021
- HDHP – Family coverage
- Annual deductible not less than $2,800*
- Annual out of pocket expenses do not exceed $14,100, which increased $100 from 2021
*No Change in 2022
If you have any questions or for more information, please contact your LBS Reimbursement Account Administrator.