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The IRS has released the 2023 key tax numbers for health savings accounts (HSAs) and high-deductible health plans (HDHPs).
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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 deferred.
- Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.
Here are the key tax numbers for 2022 and 2023.
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Health Savings Accounts
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2022
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2023
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Annual contribution limit
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Self-only coverage
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$3,650
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$3,850
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Family coverage
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$7,300
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$7,750
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High-deductible health plan: self-only coverage
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Annual deductible: minimum
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$1,400
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$1,500
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Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed
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$7,050
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$7,500
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High-deductible health plan: family coverage
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Annual deductible: minimum
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$2,800
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$3,000
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Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed
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$14,100
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$15,000
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Catch-up contributions
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Annual catch-up contribution limit for individuals age 55 or older
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$1,000
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$1,000
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