The IRS recently released inflation adjustments (Rev. Proc. 2022-24) for health savings accounts (HSAs) and health reimbursement arrangements (HRAs) for calendar year 2023.
The annual HSA contribution limits under Section 223(b)(2) for 2023 will be:
- $3,850 for self-only coverage (up from $3,650 in 2022)
- $7,750 for family coverage (up from $7,300 in 2022)
In addition, a qualifying high deductible health plan must have an annual deductible in 2023 of at least $1,500 for self-only coverage or $3,000 for family coverage (up from $1,400 and $2,800 in 2022, respectively), and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $7,500 for self-only coverage (up from $7,050 in 2022) or $15,000 for fam
ily coverage (up from $14,100 in 2022). Rev. Proc. 2022-24 also provides that for plan years beginning in 2023, the maximum amount that may be made newly available in the plan year for excepted benefit HRAs is $1,950 (up from $1,800 in 2022).
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