Key takeaways
- 2023 HSA contribution limits will increase to $3,850 and $7,750 for self-only and family HSAs, respectively.
- 2023 HSA minimum deductible and maximum out-of-pocket limits also are increasing.
Health savings account (HSA) contribution limits will increase considerably in 2023. The IRS announced that 2023 HSA contribution limits will rise to $3,850 for self-only HSAs and to $7,750 for family HSAs, which are increases of $200 and $450, respectively, from 2022.
The 2023 HSA limit increases are in response to our country’s recent spike in inflation, with rates increasing at a 40-year high.
The 2023 HSA limits were announced as part of Revenue Procedure 2022-24.
What are the 2023 HSA contribution limits?
| HSA | 2022 | 2023 |
| Self-only 2023 HSA contribution limit | $3,650 | $3,850 |
| Family 2023 HSA contribution limit | $7,300 | $7,750 |
What are the 2023 HDHP amounts/limits?
2023 high-deductible health plan (HDHP) amounts and expense limits also increased. The increases for each are much more than we’ve seen in recent years.
The 2023 HDHP minimum deductible is $1,500 for self-only coverage and $3,000 for family coverage. The maximum out-of-pocket limits for 2023 are $7,500 for self-only and $15,000 for family.
| HDHP (self-only coverage) | 2022 | 2023 |
| Mimimum deductible: | $1,400 | $1,500 |
| Maximum out-of-pocket limit: | $7,050 | $7,500 |
| HDHP (family coverage) | 2022 | 2023 |
| Mimimum deductible: | $2,800 | $3,000 |
| Maximum out-of-pocket limit: | $14,100 | $15,000 |
What are the 2023 EBHRA limits?
The excepted benefit HRA (EBHRA) limits for 2023 will also increase for the first time since EBHRAs were introduced in 2020.
| EBHRA | 2022 | 2023 |
| Limit | $1,800 | $1,950 |
The state of HSAs today
Devenir's 2021 year-end HSA research report shows there are $98 billion in HSA assets nationwide in more than 32 million accounts. Over 7 percent of HSAs have at least a portion of their funds invested.
When can HSA participants change their contributions?
One of the perks of an HSA is that participants can change their contribution amount at any time!
Who is eligible for an HSA?
Your employees must be enrolled in an HSA-eligible health plan (or HDHP) to be eligible to participate in an HSA.
How do HSA catch-up contributions work?
HSA participants who are 55 years of age or older can contribute an extra $1,000 annually. That means these HSA participants eligible for catch-up contributions have 2023 limits of $4,850 for self-only and $8,750 for family coverage.
Interested in previous HSA contribution limits?
Check out our blog posts on:
Be bold in support of your
employees' retirement needs!
How? With an HSA.
Would you like to learn more about how participants are using their HSAs? Our own Chris Byrd shares his insight into HSA behavior on this episode of Benefits Buzz.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.
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