The IRS recently announced its annual cost-of-living adjustments affecting health savings accounts (HSAs) for calendar year 2023.
- HSA Contribution Limits – The annual HSA contribution limit for individuals with self-only high-deductible health plan (HDHP) coverage increases to $3,850 – a $200 jump from 2022. The family coverage limit goes up $450, to $7,750.
- HDHP Minimum Required Deductibles – After holding steady in 2022, minimum deductibles rise $100 to $1,500 for self-only HDHP coverage and $3,000 for family coverage (a $200 increase).
- HDHP Out-of-Pocket Maximums – The limit on out-of-pocket expenses, including deductibles and copays (but not premiums), for individual HDHP coverage increases $450 to $7,500, and for family coverage goes up $900 to $15,000.
A reminder: HSA members have a convenient way to make eligible purchases online. HSA Store carries the largest selection of guaranteed HSA-eligible products. Or if you’ve got an FSA, you can visit the FSA Store!
MedBen clients with questions regarding these adjustments are welcome to contact Director of Administration Sharon A. Mills at 800-423-3151, Ext. 438 or firstname.lastname@example.org.