Tax Planning

2023 Key Numbers for Health Savings Accounts

BY Spectrum Wealth Management | Jul 15, 2022

The IRS has released the 2023 contribution limits for health savings accounts (HSAs) and the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits:

  • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
  • If you make contributions on your own using after-tax dollars, they’re deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
  • Contributions to your HSA, and any interest or earnings, grow tax-deferred.
  • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

Here are the key tax numbers for 2022 and 2023.

Health Savings Accounts20222023
Annual contribution limit
Self-only coverage$3,650$3,850
Family coverage$7,300$7,750
High-deductible health plan: self-only coverage
Annual deductible: minimum$1,400$1,500
Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed$7,050$7,500
High-deductible health plan: family coverage
Annual deductible: minimum$2,800$3,000
Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed$14,100$15,000
Catch-up contributions
Annual catch-up contribution limit for individuals age 55 or older$1,000$1

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