HSA Limits for 2022: Here is Everything You Should Know

There is an announcement of the contribution, deductible and out-of-pocket limits for a Health Savings Account by the Internal Revenue Service meant for 2022. The contribution limits for family coverage for 2022 were increased to $7300 from $7200 while the single coverage increased by $50 from $3600. The minimum deductible limits remained the same as those in 2021 for both the family and single coverage.

In comparison to 2021, out-of-pocket limits for 2022 were increased by $100 from $14000 for family coverage, while for single coverage the increase was by $50 from $7000. However, there is a catch-up contribution amounting to $1000 annually for account holders aged 55 years and above.

A bit Comprehensive other than Copay Plans

 As per the May 28 Blog Post, there was a recent announcement by the Department of Human Services and Health about out-of-pocket limits for people not qualified with the HSA plans cover. The limits are higher in comparison to the qualified persons. The charges for non-qualified people for HSA plans have been increasing over the past years.

The family coverage for the out-of-pocket limits was $15800 in 2018, rose to $16300 in 2019, $17100 in 2020, and in 2021 the OOP limit is at $17400. The single out-of-pocket limit is a bit cheaper in comparison to the family coverage. For single coverage, the out-of-pocket for 2018 was at $7900, 2019 at $8150, and 2020 at $8550, and in 2021 it is reading $8700.

As mentioned in the past, it is quite clear that high-deductible health plans are likely to offer comprehensive cover in comparison to traditional plans. Therefore, as an account holder or client of a Health Savings Account, you should not be scared by some misleading information.

Health care easier today “Consumer-Directed”   

Health Savings Account and High Deductible Health Plans is a transformation that leads to improved consumerism within the health care sector. All thanks to laws like the No Surprise Act that help in protecting the consumers in the health care sector from being overcharged on medical bills. The laws have given consumers more responsibility in making health care decisions, which has not been easy in the past. The laws have also helped increase the transparency in the health care plan and coverage sector.

 If your clients are stuck on copay plans, they are likely to appreciate the HSA-qualified plan more especially due to its advantages of them as consumers being protected and given more responsibility. With the Health Savings Account, you will protect your clients regularly based on tax savings. The HSA plan has a better way of protecting you as a client from being exploited than the traditional plans.

With the copayment plans, you will always pay for the doctor’s visits and prescription prescriptions, unlike the HSA plan where these costs are covered already. If you’re a HSA member and you choose to cater to the cost of lower health care expenses, your premium savings are usually higher in a case where it requires you to cover any additional costs.

People should have a health saving plan since it is of great help, especially when a person has no money to cater for the medical bills. Today’s HSA plan has more advantages, considering that it has consumer protection and you do not worry about becoming an owner of an account.

For further information about the Health Savings Account and the benefits of being a qualified member of the HSA plan, please contact America’s Health Care Plan. Healthcare Solutions Team is another agency that can assist clients with better health care plans. HST is a wholly-owned subsidiary of the Allstate Insurance Company and the National General Insurance Group.

Contact us for further information.