06/08/2022

2023 Key Numbers for Health Savings Accounts

The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits:

  • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
  • If you make contributions on your own using after-tax dollars, they're deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
  • Contributions to your HSA, and any interest or earnings, grow tax-deferred.
  • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

Here are the key tax numbers for 2022 and 2023.

Health Savings Accounts

Annual contribution limit

2022

2023

Self-only coverage

$3,650

$3,850

Family coverage

$7,300

$7,750

 

High-deductible health plan: self-only coverage

2022

2023

Annual deductible: minimum

$1,400

$1,500

Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed

$7,050

$7,500

 

High-deductible health plan: family coverage

2022

2023

Annual deductible: minimum

$2,800

$3,000

Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed

$14,100

$15,000

 

Catch-up contributions

2022

2023

Annual catch-up contribution limit for individuals age 55 or older

$1,000

$1,000