Every year, the IRS announces changes for health savings accounts (HSAs), which are associated with high-deductible health plans. The purpose of HSAs is to encourage Americans to shop for the best health care services, consider costs when choosing providers, and use the funds selectively. According to the White House Office of Management and Budget, tax breaks associated with HSAs reduced federal income tax revenue by $8.5 billion in 2020.
For 2022 increases are:
Self-only: Increases from $3,600 to $3,650 (a $50 increase from 2021).
Family: Increases from $7,200 to $7,300 (a $100 increase from 2021).
According to the Society for Human Resource Management (SHRM), the government bases its decision on the Consumer Price Index for All Urban Consumers for the 12-month period ending on March 31.
Similar adjustments were made to maximum out-of-pocket amounts:
Self-only: Increases from $7,000 to $7,050 (a $50 increase from 2021).
Family: Increases from $14,000 to $14,100 (a $100 increase from 2021).
The catch-up contribution amount for 55 and older is not automatically adjusted and remains $1,000.
Minimum deductibles remaining the same:
Self-only: $1,400.
Family: $2,800.
See IRS Rev. Proc. 2021-25 for additional information.