The Internal Revenue Service (IRS) has announced the 2023 HSA limits. Due to inflation, the numbers increased more than usual.
- The annual contribution limit for individuals with self-only coverage increased from $3,650 to $3,850.
- The annual contribution limit for family coverage increased from $7,300 to $7,750.
- The High Deductible Health Plan (HDHP) minimum deductibles increased from $1,400 to $1,500 for self-only coverage and from $2,800 to $3,000 for family coverage.
- Out-of-pocket maximums increased from $7,050 to $7,500 for self-only coverage and from $14,100 to $15,000 for family coverage.
TRI-AD’s HSA participant website and communication pieces will be updated in the days ahead to provide the information on the 2023 HSA limits.
Revenue Procedure 2022-24 containing adjusted limits:
TRI-AD and our Associates’ suggestions or recommendations shall not constitute legal advice. No content on our website can be construed as tax or legal advice and TRI-AD may not be considered your legal counsel or tax advisor. Clients are encouraged to consult with their tax advisor and/or attorney to determine their legal rights, responsibilities, and liabilities. This includes the interpretation of any statute or regulation, federal, state or local; and/or its application to the clients’ business activities.