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Video instructions and help with filling out and completing Irs form 8889 2022

Instructions and Help about Irs form 8889 2022

Music hi I'm Dan Cooper seen welcome to this episode of compliance minute on May 4th 2022 the IRS issued revenue procedure 2022 - 37 which provides the 2022 contribution and coverage limits for health savings accounts or HSAs and high deductible health plans the annual increase in HSA contribution levels are based on cost-of-living adjustments and our effective January 1 of 2022 so what are the new limits the 2022 HSA max maximum contribution limit for an individual with self-only coverage will increase to three thousand four hundred fifty dollars which is up from three thousand four hundred dollars for 2022 and the 2022 HSA maximum contribution limit for an individual with family coverage will increase to six thousand nine hundred dollars which is up from six thousand seven hundred fifty dollars for 2022 and HSA catch-up contributions for those who are 55 or older will remain unchanged at $1,000 the IRS also clarified that the 2022 high deductible health plan out of pocket maximum limits will increase to six thousand six hundred fifty dollars for individuals or for self-only coverage and that's up from six thousand five hundred fifty dollars for 2022 and it will increase to thirteen thousand three hundred dollars in 2022 for the family coverage which is up from thirteen thousand one hundred dollars and 2022 finally the minimum annual deductibles for high deductible health plans will increase in 2022 as well Hyattsville health plans and 2022 will be required to have a minimum annual deductible of at least one thousand three hundred fifty dollars which is up from one thousand three hundred and 2022 for individual coverage and at least two thousand seven hundred dollars for family coverage which is up from two thousand six hundred and twenty seventeen so how is this different from last year well in contrast to 2022 when only one of these amounts change from the prior year all of them are scheduled to increase 2022 additionally the high deductible health plan minimum deductibles are increasing for the first time since 2022 and additionally H we know that because the increases to the high deductible health plan out-of-pocket maximums are larger than the increases to the HSA contribution limits this will result in some individuals having to pay more out-of-pocket expenses without the benefit of that HSA tax break one important reminder or or takeaway for employers is that it's important not to confuse the high deductible health plans maximum annual deductible limit with the Affordable Care Act's cost-sharing maximum as these are two separate dollar limits and each has distinct compliance requirements for 2022 the high deductible health plan and ACA limits were the same dollar amount so the ACA limit appeared to have little independent significance however beginning in 2022 the limit amounts diverge and the gap between them has continued to grow for 2022 the ACA cost-sharing limits are seven thousand one hundred fifty dollars for self only and fourteen thousand three hundred dollars for.

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