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First, HSA contribution limits increased by $50 in 2022 for self-only coverage, from $3,600 to $3,650. Folks with family plans can contribute up to $7,300 in 2022, which is $100 up from 2021.
The average combined HSA contribution was $927 less than the statutory maximum for individual coverage and $4,527 less than the maximum for family coverage, according to the report.
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
The triple tax advantage — tax-deductible contributions, tax-free growth and tax-free withdrawals for medical expenses — makes HSAs even more powerful than traditional retirement accounts.”
Learn how contributions to your health savings account (HSA) can be tax deductible, helping you save on healthcare expenses and reduce your taxable income.
Here’s an overview of how health savings accounts work and how you can open one.
In a YouTube video, personal finance expert Tae Kim of Financial Tortoise likened a health savings account (HSA) to the ultimate retirement account. You can access this triple-tax-advantaged ...
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