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IRS Announces 2023 HSA Limits

May 06, 2022 blog featured image

The 2023 health savings account (HSA) and high deductible health plan (HDHP) limits have been released. The IRS published Rev. Proc. 2022-24 which provides the 2023 inflation adjusted amounts as described below.

Maximum HSA Contribution

The maximum contribution will increase to $3,850 for individuals with self-only coverage and to $7,750 for individuals with family coverage for 2023. This is an increase from the 2022 maximum contribution limits of $3,650 and $7,300, respectively. The additional HSA catch-up contribution of $1,000 for individuals age 55 or older remains unchanged.

Minimum HDHP Deductible

The minimum deductible for an HSA-compatible HDHP will increase for the first time in three years. For plan years beginning in 2023, the minimum deductible will increase to $1,500 for self-only coverage and $3,000 for family coverage. The current minimum deductible amount is $1,400 for self-only coverage and $2,800 for family coverage.

Maximum HDHP Out-of-Pocket Expense

The maximum participant cost share, not including premiums, will increase to $7,500 for self-only coverage and $15,000 for family coverage for plan years beginning in 2023. The 2022 limits are $7,050 for self-only coverage and $14,100 for family coverage.

The above limitations apply to HSA-compatible, or qualified, high deductible health plans. Health plans that are not paired with an HSA are not subject to these limitations. However, all non-grandfathered group health plans must comply with the Affordable Care Act (ACA) maximum out-of-pocket limits. These limits were released previously 2023 plan years: $8,700 for self-only coverage and $17,400 for family coverage.

Reach out to your Hylant representative for further information. Don’t have one? Contact us here.

The above information does not constitute advice. Always contact your employee benefits broker or trusted adviser for insurance-related questions.