2023 Health Savings Account (HSA) Limits Released
The IRS has announced the 2023 inflation-adjusted amounts for health savings accounts (HSAs) as determined under the Internal Revenue Code.
Annual Contribution Limits
For calendar year 2023, the annual limit on HSA contributions for an individual with self-only coverage under a high deductible health plan (HDHP) is $3,850 (up from $3,650 for 2022). The annual limit on HSA contributions for an individual with family coverage under an HDHP is $7,750 (up from $7,300 for 2022).
For plan years beginning in 2023, an HDHP is defined as a health plan with an annual deductible that is not less than $1,500 for self-only coverage or $3,000 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $7,500 for self-only coverage or $15,000 for family coverage.
Click here to read the IRS announcement.
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