Do HSAs have annual contribution limits?
Yes, employees can contribute up to $3,650 in 2022 for self-only coverage or up to $7,300 for family coverage. If you’re 55 or older at the end of the year you can put in an extra $1,000 in catch-up contributions. These amounts include the total amount you can contribute, including any employer provided amounts. These amounts are subject to change each year. Keep in mind that the HSA is tied to the CDHP and the participation period of 07/01 to 06/30, PEBP’s plan year, which is why ongoing contributions put in now would only go until the end of the plan year, in the event that a member changes their coverage for the following plan year.