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IRS 2023 HSA Contribution Limits

The IRS announced an increase in HSA contribution limits for the 2023 tax year.

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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:

Table
  Individual Family
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
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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.
Please note, individuals who have an HSA and are over age 55 can also contribute an extra $1,000 annually, in what is commonly called a “catch-up” contribution.
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Funding your HSA today may help you prepare for expected, and unexpected, health care costs tomorrow.

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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.

Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.

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.

Flexible spending accounts (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, “Employer-Sponsored Plans”) are administered on behalf of your plan sponsor by Optum Financial, Inc. or ConnectYourCare, LLC (collectively, "Optum Financial") and are subject to eligibility and restrictions. Employer-Sponsored Plans are not individually owned and amounts available under the Employer-Sponsored Plan are not FDIC insured. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.

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Your employer sponsored plan may exclude reimbursement for certain categories of items. Check your plan document and summary plan description or contact your benefits department for specific coverage details. 

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