Latest News

IRS releases 2023 HSA limits

Written on May 6, 2022

The IRS has published the 2023 contribution limits for health savings accounts. 

With the latest update of the U.S. Consumer Price Index showing a sizeable spike in the inflation rate to 8.5%—the largest 12-month increase since 1981—the new IRS limits represent a larger hike than seen in recent years.  

The information was released in IRS Rev. Proc. 2022-24

For calendar year 2023, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan (HDHP) is $3,850, up $200 from the 2022 limit. The annual limitation on deductions for an individual with family coverage under an HDHP is $7,750, an increase of $450 from the 2022 limit. 

The limit for individuals was only increased by $50 going into 2022 from 2021, and by $100 for families. 

The IRS defines an HDHP for calendar year 2023 as a health plan with an annual deductible that is not less than $1,500 for self-only coverage or $3,000 for family coverage, and for which annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $7,500 for self-only coverage or $15,000 for family coverage.