April 29, 2022

2023 HSA Limits

2023 HSA Contribution Limits Announced

 

The IRS recently announced the Health Savings Account (HSA) limits for 2023 (with applicable cost-of-living adjustments). [Revenue Procedure 2022-24]

 

An individual is eligible to contribute to an HSA, with respect to any month, if covered under a high deductible health plan (HDHP) on the first day of such month. For 2023, the maximum annual HSA contribution limit is $3,850 (up from $3,650 for 2022) for an individual with self-only coverage under an HDHP and $7,750 (up from $7,300 for 2022) for an individual with family coverage under an HDHP. Individuals who are age 55 or older during the year may make an additional catch-up contribution of $1,000 to their own HSA.  

 

Generally, a health plan qualifies as an HDHP if it has a minimum annual deductible above a certain limit and limits the annual deductible and out-of-pocket expenses paid to below a certain limit. The minimum HDHP deductible for 2023 is $1,500 (up from $1,400 for 2022) for self-only coverage and $3,000 (up from $2,800 for 2022) for family coverage.  The maximum HDHP out-of-pocket expenses for 2023 is $7,500 (up from $7,050 for 2022) for self-only coverage and $15,000 (up from $14,100 for 2022) for family coverage.