Submitted by Tom Sledge, Arkansas State Manager, American Fidelity Assurance Co. The Internal Revenue Service (IRS) announced annual inflation adjustments for many tax provisions. These increases are effective for plan years beginning 1/1/2022 and later.
Health Savings Account (HSA): As a reminder, below are the HSA contribution limits, along with the High Deductible Health Plan (HDHP) requirements announced earlier this year.
Healthcare Flexible Spending Account (HCFSA) and Limited Purpose Flexible Spending Account (LPFSA): 2021: $2,750 2022: $2,850
HSA Contribution 2021 Self-Only: $3,600 2021 Family: $7,200
HCFSA Carryover: 2021: $550 2022: $570 Under the Consolidated Appropriations Act (CAA), employers can allow participants to roll over all unused FSA and dependent care funds to plan years ending in 2022, but not beyond. Dependent Care Account (DCA) annual limits will revert to $5,000 for single taxpayers and married couples filing jointly, or $2,500 for married people filing separately.
2022 Self-Only: $3,650 2022 Family: $7,300 2022 Qualified High Deductible Health Plan Minimum Deductible (Self-Only): $1,400 Minimum Deductible (Family): $2,800 Max Out-Of-Pocket (Self-Only): $7,050 Max Out-Of-Pocket (Family): $14,100 If you have any questions or need help communicating these changes to employees, we are here to help.
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IRS Annual Inflation Adjustments
Compliance Connection
