IRS Releases Increased HSA Limits

Mary Kennedy
Seyfarth Shaw LLP
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Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2023.

The Internal Revenue Service (IRS) recently released 2023 cost-of-living adjustments applicable to dollar limitations for employer-sponsored health and welfare plans.

The changes in the 2023 cost-of-living adjustments for employer-sponsored health and welfare plans are summarized in the table below:

Health and Welfare Program Limits (Rev. Proc. 2022-24)
2022
2023
Change
Health Savings Account (HSA) Annual Contribution Limit
  • Self-only Coverage
  • Family Coverage

$3,650

$7,300

$3,850

$7,750

+$200

+$450
High Deductible Health Plan (HDHP) Minimum Annual Deductible
  • Self-only Coverage
  • Family Coverage

$1,400

$2,800

$1,500

$3,000

+$100

+$200

HDHP Maximum Annual Out-of-pocket Limit (Deductibles, Co-payments and Other Amounts, but not Premiums)

  • Self-only Coverage
  • Family Coverage

$7,050

$14,100

$7,500

$15,000

+$450

+$900
Maximum Amount that May Be Made Newly Available for an Excepted-Benefit Health Reimbursement Arrangements (EBHRA) $1,800 $1,950 +$150

Employers who sponsor health and welfare plans should take advantage of the new increased limits by making adjustments to plan administrative/operational procedures.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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