gettyThe Internal Revenue Service has announced new, higher contribution limits for health savings accounts for 2022. At the end of January, Americans held $82.2 billion in 30 million health savings accounts, according to HSA advisory firm Devenir. That’s 6.5 times the average account balance of $2,737 for account holders who hold cash deposits only. Just 6% of account holders are investing a portion of their HSA dollars—according to Devenir’s 2020 year-end HSA report—representing a missed opportunity for big, long-term savings. In the meantime, you can still top off health savings account contributions for tax year 2020 through the Covid-19-related extended tax day deadline of May 17, 2021.

Source: Forbes May 11, 2021 15:50 UTC