The Internal Revenue Service has announced new, higher contribution limits for health savings accounts for 2022. Are you maxing out these benefits?
You can contribute to an HSA if you’re in a qualifying high-deductible health plan. For 2022, that means a plan with a minimum annual deductible of $1,400 for individual coverage or $2,800 for family coverage. Out-of-pocket maximums are $7,050 for individual coverage and $14,100 for family coverage for 2022.
Are you investing your HSA dollars? The real juice to an HSA is use it as a retirement savings kitty. You can invest and let your money grow for decades tax-free, so long as you, or a surviving spouse, eventually use it for medical expenses. An HSA can even serve as a backup rainy-day fund; if you suddenly need cash, you can take money out tax-free to reimburse yourself for any prior years’ medical expenses paid from outside the account.
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