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IRS Updates Contribution Limits for HSAs

IRS Updates Contribution Limits for HSAs

Posted: May 04 2022
The Internal Revenue Service has released updated contribution limits—adjusted for inflation—for health savings accounts for 2023. For calendar year 2023, the annual limitation on deductions are $3,850 for an individual with self-only coverage under a high-deductible health plan and $7,750 for an individual with family coverage under an HDHP.
 
For calendar year 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 for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $7,500 for self-only coverage or $15,000 for family coverage.
 
To read more, visit: https://www.irs.gov/pub/irs-drop/rp-22-24.pdf
 

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