The IRS announced an increase in health savings account (HSA) contribution limits for the 2023 tax year. Here is what you need to know about the HSA contribution limits for the 2023 calendar year:
- An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,500) can contribute up to $3,850 —up from $3,650 in 2022 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,500.
- An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $3,000) can contribute up to $7,750 — up from $7,300 in 2022 — for the year. The maximum out-of-pocket has been capped at $15,000.
And remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.*