The IRS has announced the 2023 HSA contribution limits. The annual limit on HSA contributions for self-only coverage will be $3,850. This is an increase of $200 from the contribution limit of $3,650 in 2022. The annual contribution limit for family coverage will increase $450 from the 2022 limit to a total of $7,750 for 2023. This is a significant increase of about 5.5 percent, while the increase from 2021 to 2022 was only about 1.4 percent. The annual catch-up contribution for individuals 55 and over will remain at $1,000. Employees should take these limits into consideration as they plan ahead for their 2023 open enrollment changes and elections. With the increased limits, employers may consider adjusting contribution or match amounts for the 2023 benefit year, as well.
