Little Rock, Fayetteville, Bentonville Indian Community - ArkansasIndian.com
| | |
 


 

HSA Limits Increase for 2022 - Jun 2021

Money
Contributed by : Mukesh Makker
Add To My Favorite
Share With Your Friends



Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650 for individuals with self-only coverage (up $50 from 2021) and $7,300 for family coverage (up $100 from 2021).

To take advantage of an HSA, individuals must be covered by a High Deductible Health Plan (HDHP) and not be covered by other health insurance with the exception of insurance for accidents, disability, dental care, vision care, or long-term care. Medical expenses such as deductibles, copayments, and other amounts (but excluding premiums) must not be reimbursable by insurance or other sources and do not qualify for the medical expense deduction on a federal income tax return.

For the calendar year 2022, a qualifying HDHP must have a deductible of at least $1,400 for self-only coverage or $2,800 for family coverage (same as 2021) and must limit annual out-of-pocket expenses of the beneficiary to $7,050 for self-only coverage and $14,100 for family coverage, an increase of $50 and $100, respectively, from 2021. As with contribution limits, deductibles and out-of-pocket expenses are adjusted for inflation annually.

Please call if you have any questions about Health Savings Accounts.


About Author
Mr. Maker is a certified Public Accountant and serving the South Asian community since 1993.

Website: https://taxprofessionalsnw.com/newsletter.php#8

 

Disclaimer: Please use this channel at your own discretion. These articles are contributed by our users. We are not responsible or liable for any problems related to the utilization of information of these articles.

 

View All Contributions

Post an Article
Notify Me of New Articles

Become A Featured Contributor
Add Your Blog | Add Recipe | Add Article

More Article by Mukesh Makker

Nikita Rawal gets a birthday surprise by her fans; watch her reaction
International Cricketing Legends to play for Friendship Cup UAE in Sharjah
IMPORTANT TAX CHANGES FOR INDIVIDUALS AND BUSINESSES - Jan 2020
View All Articles

Featured Contributors


Vivek Wadhwa

Rima Arora

Praveen Nair
Praveen Nair

Shruti Sadolkar

Vasudha Sharma

Darshan Goswami
Darshan Goswami

Aayushi Manish

Ananya Kiran

Tahmina Watson
Tahmina Watson

Latest Articles

San Jose Resident Travels to D.C. to Urge Congress to Ensure Childhood Cancer Research Remains a National Priority by Priscilla Cabral
Discover Proven Strategies for Healthy Living Today by Anya Willis
4 Healthy Ways to Help You Maintain Your Sobriety by Anya Willis
Akshay Kumar unveils New BTS Video for "Bade Miyan Chote Miyan by Staff
Akshay Kumar Unveils Soul-Stirring Music Video "Shambhu" Dedicated to Lord Shiva by Staff
View All Articles