IRS Releases 2023 Key Numbers for Health Savings Accounts

IRS Releases 2023 Key Numbers for Health Savings Accounts

June 29, 2022

The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits:

  • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
  • If you make contributions on your own using after-tax dollars, they're deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
  • Contributions to your HSA, and any interest or earnings, grow tax
  • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical

Here are the key tax numbers for 2022 and 2023.


Health Savings Accounts

2022

2023

Annual contribution limit

 

 

Self-only coverage

$3,650

$3,850

Family coverage

$7,300

$7,750

High-deductible health plan: self-only coverage

 

 

Annual deductible: minimum

$1,400

$1,500

Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed

$7,050

$7,500

High-deductible health plan: family coverage

 

 

Annual deductible: minimum

$2,800

$3,000

Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed

$14,100

$15,000

Catch-up contributions

 

 

Annual catch-up contribution limit for individuals age 55 or older

$1,000

$1,000

 

 


Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

This article was prepared by Broadridge.

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