Jul 01, 2022
Inflation-adjusted limits for deductible contributions to health savings accounts (HSAs) for 2023 will increase significantly from prior years. For family coverage, the contribution limit will be $7,750. This is an increase of $450 from this year’s $7,300 limit. For individual coverage, the limit rises $200 to $3,850. If you are fifty-five or older, you can contribute an additional $1,000, as in prior years.
When you combine an HSA with a qualified high-deductible health insurance plan, you can set aside pretax contributions that can be later withdrawn tax-free to pay unreimbursed medical expenses.