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2023 HSA Limits Increase More Than Years Past

The IRS has released Revenue Procedure 2022-24 notifying Health Savings Account owners of the funding and deductible limits effective January 1, 2023. For many years a $50 increase in contribution limits annually was the norm. It seems the Department of Treasury is reacting to recent economic conditions in the U.S.

Annual HSA Contribution Limits

  • Single – $3,850 ($200 increase from 2022)
  • Family – $7,750 ($450 increase from 2022)

Annual Minimum Required Deductibles

  • Single – $1,500 ($100 increase from past years)
  • Family – $3,000 ($200 increase from past years)

Out-of-Pocket Maximums

  • Single – $7,500 ($450 increase from 2022)
  • Family – $15,000 ($900 increase from 2022)

The Society for Human Resource Managers has a good breakdown chart of this here: IRS Announces 2023 Limits for HSAs and High-Deductible Health Plans (shrm.org)

HSA Reporting Reminder:
If you are 55 years old or older and enrolled in a high deductible health plan an additional $1,000 can be added to these total amounts. This is considered a “Catch-up” contribution.

For more information on Health Savings Account (HSA) eligibility and utilization please contact your KBM Management Account Executive today.

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