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INTERNAL REVENUE SERVICE Updates Contribution Limits for HSAs

The Internal Revenue Service today launched upgraded contribution limitations—changed for inflation—for health cost savings accounts for 2023.  For fiscal year 2023, the yearly constraint on reductions are: $3,850 for a private with self-only protection under a high-deductible health insurance and $7,750 for a private with household protection under a high-deductible health insurance.

For fiscal year 2023, a “high-deductible health plan” is specified as a health insurance with a yearly deductible that is not less than $1,500 for self-only protection or $3,000 for household protection, and for which the yearly out-of-pocket costs (deductibles, co-payments, and other quantities, however not premiums) do not go beyond $7,500 for self-only protection or $15,000 for household protection.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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