The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2022-24 cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2023.
The table below compares the applicable dollar limits for HSAs and HDHPs for 2023 and 2022.
| Plan Limits |
2023 |
2022 |
Change from 2022 |
|
| HSA – annual contribution limit1 |
Self-only coverage |
$3,850 |
$3,650 |
Increase of $200 |
| Family coverage |
$7,750 |
$7,300 |
Increase of $450 |
|
| HSA – catch-up contribution limit |
Age 55 or older |
$1,000 |
$1,000 |
No change |
| HDHP – minimum annual deductible |
Self-only coverage |
$1,500 |
$1,400 |
Increase of $100 |
| Family coverage |
$3,000 |
$2,800 |
Increase of $200 |
|
| HDHP – maximum annual out-pocket limit (deductibles, copayments and other amounts, excluding premiums) |
Self-only coverage |
$7,500 |
$7,050 |
Increase of $450 |
| Family coverage |
$15,000 |
$14,100 |
Increase of $900 |
|
Next Steps for Employers
Review the table above to be informed of 2023 plan and contribution limits for January 1, 2023.
As you prepare for the 2023 plan year, update payroll and benefit administration systems with these new limits for 2023 and revise applicable plan communications (e.g. open enrollment materials and summary plan descriptions) for 2023.
Reach out to your Risk Strategies account team with any questions. Risk Strategies is committed to keeping employers informed and up to date.
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1 Includes both employee and employer contribution amount limits