The IRS has announced that contribution limits for 2022 are increasing by $50 for individual coverage and $100 for family coverage, to $3,650 and $7,300 respectively. This represents an increase of 1.4% from 2021 levels and those age 55 and older can still contribute an additional $1,000 per year. While minimum annual deductible levels will remain unchanged at $1,400 for individual coverage and $2,800 for family coverage, maximum out-of-pocket expense limits for HDHPs will increase to $7,050 for individual coverage and $14,100 for family coverage.
Overall, enrollment in HSAs continues to grow. Advisory firm Devenir reports that approximately 30 million Americans currently own health savings accounts with overall balances totaling more than $82 billion.