IRS contribution limits for 2022 health savings accounts announced; new cards arriving

For 2022, IRS contribution limits for health savings accounts (HSAs) are as follows:

• $3,650 for employee-only coverage.
• $7,300 for family coverage (employee + one or more).

Individuals are responsible for assuring that total contributions to their HSA from all sources combined – including University contributions, any funds earned via the Healthy Boiler Wellness Incentive and any funds contributed by a spouse – do not exceed the limits above. An employee and spouse must collectively adhere to the contribution maximum family limit.

These regulations assume that an individual is eligible for the HSA all year. If not, the amounts would be pro-rated. Changing plan tiers midyear (e.g., from family to individual) also will affect the limits, as will age. For instance, those age 55 and over – or those who will turn age 55 any time during the plan year – are eligible to contribute an additional $1,000 “catch-up” contribution to their HSA above the IRS limit. The HSA Interactive Tool can be used to navigate the HSA eligibility rules.

More information on HSAs is available here.

New HSA Bank cards for 2022

Many HSA Bank cards are expiring at the end of the year for those who have had a card since 2018. Renewal cards are automatically triggered 45 days before expiration, so new cards will start arriving in home mailboxes at the end of November, and all should be received by mid-December. For those new to HSA Bank, welcome letters and ID cards should be received by the end of December. HSA Bank cards are sent in plain envelopes for security reasons.

Questions

Questions can be direct to Human Resources at 765-494-2222, toll-free at 877-725-0222 or via email at hr@purdue.edu.