Health Savings Account Limits for 2023

Health Savings Account

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care insurance.

Participating employers can also contribute to accounts, on behalf of their employees.

Here are the 2023 limits for individual and family coverage, which were announced by the IRS in Revenue Procedure 2022-24. They are determined after the IRS applies cost-of-living adjustment rules, and the changes in the Consumer Price Index for the relevant period. For 2023, the amounts are going up more than they have in recent years due to inflation.

For more information about HSAs, contact your employee benefits and tax advisor.

The Benefits of an HSA

Qualifying for an HSA

To be an eligible individual and qualify for an HSA, you must meet the following requirements:

— Source: IRS

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