Benefit Limits for 2022

Each year, the IRS sets new limits for employee benefits plans and retirement plans. Please see below for Lake Effect’s ready reference chart setting forth the Benefits Limits for the 2022 tax year. A PDF of this information can be downloaded here.

 

2021 2022
Flexible Spending Accounts (FSAs)
Healthcare FSA max election (per year) (incl. LTD FSA) $2,750 $2,850
Healthcare FSA max rollover $550 $570
Dependent Care FSA max election (per year) (Single or Married Filing Jointly) $5,000 $5,000*
Dependent Care FSA max election (per year) (Married Filing Separately) $2,500 $2,500*
Transportation Benefits
Parking Account $270/mo $280/mo
Transit Account $270/mo $280/mo
High Deductible Health Plan Requirements to Contribute to an HSA
HDHP min annual deductible - Self-only $1,400 $1,400
HDHP min annual deductible - Family $2,800 $2,800
HDHP out-of-pocket max - Self-only $7,000 $7,050
HDHP out-of-pocket max - Family $14,000 $14,100
HSA max contribution limit - Self-only $3,600 $3,650
HSA max contribution limit - Family $7,200 $7,300
HSA catch up contribution limit (age 55) $1,000 $1,000
ACA Plan Limits
Maximum Out-of-Pocket (Self-only or Individual in a Family) $8,550 $8,700
Maximum Out-of-Pocket (Family) $17,100 $17,400
Salary Thresholds for Non-discrimination Testing
Highly compensated employees $130,000 $135,000
Key employees $185,000 $200,000
Retirement Plans (401(k), 403(b))
Max employee elective contributions for those 49 and younger $19,500 $20,500
Max employer + employee contributions for those 49 and younger $58,000 $61,000
Max employee catch-up contributions for those 50+ $6,500 $6,500
Max employee elective contribution plus catch-up for those 50+ $26,000 $27,000
Max employer + employee contributions for those 50+ $64,500 $67,500

*As of the time of drafting this blog, the dependent care limits for 2022 reverted to the pre-ARPA levels

Lake Effect is here to answer your questions about benefits administration and how best to structure your benefits plans to be a leading employer. We continue to monitor important legal and HR developments, as well as COVID-related updates from federal, state, and local authorities. Please watch our blogs and emails for these important updates, as well as discussions of how compliance meets culture. To dive into these issues, contact us at info@le-hrlaw.com or 1-844-333-5253.

Lake Effect HR & Law, LLC
(844) 333-5253 (LAKE)
info@le-hrlaw.com

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