IRS Adjusts HSA Limits for 2023
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans.
The figures for 2023:
- Self-only: $3,850 (a $200 increase from 2022).
- Family: $7,750 (a $450 increase from 2022).
According to the Society for Human Resource Management, “The contribution limits are adjusted for inflation (rounded to the nearest $50) annually, using the Consumer Price Index for All Urban Consumers for the 12-month period ending on March 31. The catch-up contribution amount, however, is fixed by statute.”
The IRS has made a similar adjustment to maximum out-of-pocket amounts:
- Self-only: $7,500 (a $450 increase from 2022).
- Family: $15,000 (a $900 increase from 2022).
The catch-up contribution amount for those 55 and older is not automatically adjusted and remains at $1,000.
Rising slightly are minimum deductibles:
- Self-only: $1,500 (a $100 increase from 2022).
- Family: $3,000 (a $200 increase from 2022).
More information is available in IRS Rev. Proc. 22-24.
Benefits by Design Insurance Services is a full-service health insurance and employee benefits broker, offering creative benefits coverage solutions for your business or family. We can offer the best health insurance benefits in California. Contact us for more information We are located in the San Francisco Bay Area and in San Diego and provide the expert advice for group and individual health insurance, Medicare, Medicare Part D, life, and travel insurance decisions.
At Benefits by Design, we can offer the best health insurance benefits in California. Contact us for more information.
Copyright 2023 Industry Newsletters
Benefits by Design Insurance Services is a full-service health insurance and employee benefits broker, offering creative benefits coverage solutions for your business or family. We can offer the best health insurance benefits in California. Contact us for more information We are in the San Francisco Bay Area and in San Diego and provide the expert advice for group and individual health insurance, Medicare, Medicare Part D, life, and travel insurance decisions.
Contact us for more information.
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