The IRS has announced the health savings account limits for 2023. The announcement came in Revenue Procedure 2022-24, dated April 29.
HSA Limits
For calendar year 2023, the annual limitation on deductions under Code Section 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan (HDHP) is $3,850. And for calendar year 2023, the annual limitation on deductions under Section 223(b)(2)(B) for an individual with family coverage under an HDHP is $7,750.
HDHP Limits
For calendar year 2023, a “high deductible health plan” is defined under Section 223(c)(2)(A) as a health plan:
- with an annual deductible that is not less than $1,500 for self-only coverage;
- with an annual deductible that is not less than $3,000 for family coverage;
- 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
- for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $15,000 for family coverage.
Trends
The 2023 limits mark a continued increase in the limits for self-only and family coverage under an HDHP.
|
Coverage |
2020 Limit |
2021 Limit |
2022 Limit |
2023 Limit |
|
Self-only |
$3,550 |
$3,600 |
$3,650 |
$3,850 |
|
Individual with family coverage |
$7,100 |
$7,200 |
$7,300 |
$7,750 |
