Internal Revenue Service (IRS) has announced the new inflation-adjusted rates for the calendar year 2022.
- For Health Savings Accounts (HSAs), the annual contribution amount in 2022 for an individual with self-only coverage under a high deductible health plan will be $3,650 and for an individual with family coverage, $7,300.
- A high deductible health plan is a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage.
- The annual out-of-pocket expenses which will include deductibles, co-payments, co-insurance, and other amounts, will not exceed $7,050 for individual coverage or $14,100 for family coverage.
- For the Excepted Benefit HRA, the maximum amount that can be made available in 2022 will again be $1,800.
These new rates will take effect for the calendar year 2022.
If you have any questions feel free to give us a call and speak with one of our brokers. We’d be happy to help.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.