IRS updates contribution limits for HSAs

The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.  For calendar year 2023, the annual limitation on deductions are: $3,850 for an individual with self-only coverage under a high-deductible health plan and $7,750 for an individual with family coverage under a high-deductible health plan.

For calendar year 2023, a “high-deductible health plan” is defined 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 the 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.

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