In Revenue Procedure 2022-24[1] the IRS has announced the inflation-adjusted amounts for Health Savings Accounts (HSAs) for 2023.

Contribution Limitations for 2023

The inflation adjusted contribution limitations for HSAs in 2023 will be:

• Individual with self-only coverage: $3,850 and

• Individual with family coverage: $7,750.[2]

High Deductible Health Plan Amounts for 2023

In order for an individual to make a contribution to a health savings account, he/she must have coverage under a qualifying high deductible health plan (HDHP) and no disqualifying coverage.

For 2023, an HDHP is a health plan with an annual deductible of:

• Not less than $1,500 for an individual with self-only coverage and

• Not less than $3,000 for an individual with family coverage.[3]

As well, total out-of-pocket expenses (other than premiums) cannot exceed $7,500 for self-only coverage or $15,000 for family coverage.[4]

Excepted Benefit HSA

In 2023 the maximum amount that may be made newly available for the plan year for an excepted benefit HSA under Treasury Reg. §54.9831-1(c)(3)(viii) is $1,950.[5]

[1] Revenue Procedure 2022-24, April 29, 2022, https://www.taxnotes.com/research/federal/irs-guidance/revenue-procedures/irs-announces-2023-inflation-adjusted-amounts-for-hsas/7dfqm (retrieved May 3, 2023)

[2] Revenue Procedure 2022-24, April 29, 2022

[3] Revenue Procedure 2022-24, April 29, 2022

[4] Revenue Procedure 2022-24, April 29, 2022

[5] Revenue Procedure 2022-24, April 29, 2022