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Internal Revenue Code (IRC) Section 223 allows individuals who are covered by a compatible health plan, often referred to as a High Deductible Health Plan (HDHP), to set aside funds on a tax-free basis up to the contribution limit to pay for certain out-of-pocket medical expenses. Health Savings Accounts have a triple tax benefit—funds go into the account tax-free, funds grow tax-free, and remain completely tax-free when used for eligible medical expenses.
Here are some other unique aspects of HSAs as defined in IRC Section 223:
Contributions can be made by you, your employer, or a third party (e.g. family member or friend). Contributions can either be made on a tax-free basis through a Section 125 Plan or directly into the account on a tax-deductible basis. The IRS sets the maximum annual contribution limit. Generally, HSA contributions do not have to be prorated; however, certain exceptions and conditions apply. Contributions can be made at any time up until the tax filing deadline, typically April 15.
IRS Contribution Limits | Single Coverage | Family Coverage |
Contribution Limit (2022) | $ 3,650 | $ 7,300 |
Contribution Limit (2021) | $ 3,600 | $ 7,200 |
Contribution Limit (2020) | $ 3,550 | $ 7,100 |
Additional Catch-up Contribution (for those 55 and older) | $ 1,000 | $ 1,000 |
IRS HDHP Limits | Single Coverage | Family Coverage |
HDHP Minimum deductible (2022) | $ 1,400 | $ 2,800 |
HDHP Maximum out-of-pocket (2022) | $ 7,050 | $ 14,100 |
HDHP Minimum deductible (2021) | $ 1,400 | $ 2,800 |
HDHP Maximum out-of-pocket (2021) | $ 7,000 | $ 14,000 |
HDHP Minimum deductible (2020) | $ 1,400 | $ 2,800 |
HDHP Maximum out-of-pocket (2020) | $ 6,900 | $ 13,800 |
2. You cannot be covered by any non-qualified health plan as it constitutes ineligible coverage. Examples of ineligible coverage include:
3. You cannot be enrolled in Medicare.
4. You cannot be claimed as a dependent on another person’s tax return.
You will also receive a number of ongoing communications. These include:
Shop today for eligible medical items and save $10 off your first order with promo code benrfsa.
Our comprehensive FAQ Section will help you better understand the benefits of an HSA.
Learn how easy it is to check your balance with BRIWEB, BRIMOBILE, BRI ALERTS, and QuickBalance.
Estimate how much can save (triple-tax advantage!) by enrolling in a Health Savings Account.
Get instant access to your account(s) on-the-go. Our app is available on the App Store & Google Play.
Receive real-time alerts about their accounts via text or email by signing up on BRIWEB or BRIMOBILE.
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HSA Custodial Services are provided by a separate financial institution. See your HSA Account Agreement for specific account terms.
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