What is the limit for contributions to a Health Savings Account (HSA) for family coverage in 2022?

The limit for contributions to a Health Savings Account (HSA) for family coverage in 2022 is $7,300. This contribution limit is set by the Internal Revenue Service (IRS) and is applicable to individuals who are covered by a high-deductible health plan (HDHP) that qualifies for HSA contributions. The HSA is designed to enable individuals and families to save for medical expenses while benefiting from tax advantages.

In 2022, the specific tax treatment means that contributions to an HSA lower taxable income, contributions grow tax-free, and withdrawals for qualifying medical expenses are not taxed. The $7,300 limit represents the maximum amount that families can contribute to their HSAs over the course of the tax year, ensuring they have sufficient savings to cover medical costs. Additionally, for individuals aged 55 and older, there is an option to contribute an extra amount as a catch-up contribution, but this applies to individual accounts rather than the family limit.

It's essential to understand these limits as they can affect planning for healthcare expenses and tax obligations.