As both individual and group health insurance coverage include plans that are Health Savings Account (HSA) eligible, if you have one you should do your best to maximize your annual contributions. Being triple tax advantaged HSA’s can provide significant tax savings each year, as well as generate tax free growth and withdrawals.
There is still time to make contributions to your HSA for 2022 up until the tax filing deadline of April 18. The HSA contribution limits for 2022 are $3,650 for individual coverage, $7,300 for family coverage, and insureds 55 and older can contribute an additional $1,000 as a catch up contribution. Already working on this year? The 2023 limits are $3,850, $7,750, and $1,000.
MRS Insurance Services is your trusted partner that can help bring clarity and understanding to whatever your situation may be. Let us help explain your options. Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics.
Mark Bradley
MRS Insurance Services Director