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New Health Savings Account (HSA) Limits Announced for 2023

The IRS has released Revenue Procedure 2022-24, which provides information on the limits for Health Savings Accounts (HSAs) for 2023. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,850 (up $200 from 2022). The deduction limitation for an individual with family coverage will be $7,750 (up $450 from 2022).

Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2023, the deductible must be at least $1,500 (up $100) for self-only coverage and $3,000 (up $200) for family coverage.

Maximum Out-of-Pocket:
For 2023, out-of-pocket expenses may not exceed $7,500 (up $450) for self-only coverage and $15,000 (up $900) for family coverage.

These changes will go into effect for calendar year 2023. Please note that these limits are subject to change.

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