IRS 2023 HSA Contribution Limits
The IRS announced an increase in HSA contribution limits for the 2023 tax year.
2023 HSA contribution limits
Each year, the Internal Revenue Service (IRS) sets contribution limits for health savings accounts (HSAs). The 2023 HSA contribution limits are as follows:
|Maximum HSA contribution level||$3,850||$7,750|
|Minimum deductible for qualifying high deductible health plan (HDHP)||$1,500||$3,000|
|Maximum out-of-pocket expenses for HDHP||$7,500||$15,000|
The IRS guidance also includes the 2023 limit for excepted benefit health reimbursement arrangements (EBHRAs). The new 2023 limit for EBHRAs is $1,950. This is up $150 over the 2022 limits.
The 2023 limits have increased significantly over the 2022 limits:
- HSA contributions increased by $200 / $450 for individuals / families.
- The minimum deductible for qualifying health plans increased by $100 / 200 for individuals / families.
- Out-of-pocket maximums increased by $450 / $900 for individuals / families.
Is your future fully funded?
Funding your HSA today may help you prepare for expected, and unexpected, health care costs tomorrow.
Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. For details and disclosures visit betterment.com. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.
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Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account.
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