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IRS Announces Increased HSA and HDHP Limits for 2023

By National Employee Benefits Practice


IRS Announces Increased HSA and HDHP Limits for 2023

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


The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

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