Murphys, CA…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
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
This communication is strictly intended for individuals residing in the state(s) of CA, NY and OR. No offers may be made or accepted from any resident outside the specific states referenced.
Prepared by Broadridge Advisor Solutions Copyright 2022.
IRS Releases 2023 Key Numbers for Health Savings Accounts ~ From Brian J. Tewksbury added by admin on View all posts by admin →
