The Internal Revenue Service (IRS) issued 2023 inflation adjustments to health savings account (HSA) limits in Rev. Prc. 2022-24. This ruling increased the health savings account (HSA) annual contribution limit for self-only coverage to $3,850 for calendar year 2023, an increase of $200 over the 2022 limit of $3,650. The family contribution limit was also increased to $7,750 for calendar year 2023, an increase of $450 over 2022.
The Section §223 minimum deductible requirement for 2023 also increased to $1,500 for self-only and $3,000 for family coverage. Annual out-of-pocket expenses (including co-payments, deductibles, and other amounts, but excluding premiums) for 2023 may not exceed $7,500 for self-only coverage or $15,000 for family coverage.
What you need to know:
- The HSA contribution limits for 2023 will be $3,850 for self-only coverage and $7,750 for family coverage, an increase of $200 and $450 from 2022 levels, respectively
- The Section §223 minimum deductible requirement for 2023 also increased to $1,500 for self-only coverage and $3,000 for family coverage. The annual out-of-pocket expenses may not exceed $7,500 for self-only coverage or $15,000 for family coverage in 2023
