Page 28 - Empowered Learning for Dyslexic Children Benefits Guide 2022-2023

HSA Contribution Limits

Each year, the IRS sets new maximum contribution limits for HSAs. Contributions include
funds that you, your employer or another party contributes. Contributions cannot exceed the
maximum set for that plan year. For example, if your plan year begins in December 2021, you
cannot exceed the maximum IRS limits set for 2021.

Contribution maximums are set at the individual and family level. If you’re enrolled in an
individual HDHP, you can contribute up to the established individual maximum. If you are
enrolled with family coverage, you can contribute up to the family maximum.

Maximum contribution limits If you are enrolled in the HDHP with family
coverage and your spouse has their own HSA,
Tax Year Individual Limits Family Limits
you cannot contribute more than the family
2021 $3,600 $7,200 contribution maximum to those two accounts for
2022 $3,650 $7,300 that calendar year.

Catch-up contribution When can I contribute to my HSA?
If you are over age 55, the IRS will allow you to You can make contributions to your HSA in one
make up a “catch-up” contribution in addition to lump sum or in a series of payments throughout
the established maximum for that calendar year. the year. You can do this through a payroll

Excess contributions deduction or a post-tax deposit/contribution.
Contributions exceeding IRS limits are considered What if I didn’t have an HDHP for the
excess contributions. These may be subject to IRS entire calendar year?
taxes and penalties. It’s up to you to keep track
of the funds deposited into your HSA. You may Your contribution limit may be prorated based on
withdraw excess contributions during the year if the number of months you had coverage.
they are processed before the IRS tax deadline.
Can my spouse make a catch-up
What if I have more than one HSA? contribution if they are over 55?

If you have more than one HSA, the total Yes; however, they need to have their own HSA.
contributions for the combined accounts cannot They cannot make catch-up contributions to
exceed the IRS annual contribution maximum for your HSA.
that taxable plan year.
I’m enrolled in the HDHP with
What if my spouse also has an HSA? individual coverage . Can I use my HSA

If your spouse has an HSA and you’re enrolled in for my dependent’s qualified medical
an individual HDHP, you cannot contribute more expenses?
than the individual contribution maximum for that Yes, but you must claim them as a dependent on
calendar year. your taxes to use HSA funds.

6 ■ Health Savings Account (HSA) Member Guide