{"id":909,"date":"2022-03-05T19:59:43","date_gmt":"2022-03-05T19:59:43","guid":{"rendered":"https:\/\/newsite.payrollmedics.com\/blog\/?p=909"},"modified":"2022-06-05T20:12:29","modified_gmt":"2022-06-05T20:12:29","slug":"909-2","status":"publish","type":"post","link":"https:\/\/www.payrollmedics.com\/blog\/909-2\/","title":{"rendered":"Giving a Boost to HSA Limits in 2023"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div class=\"\" data-block=\"true\" data-editor=\"d08os\" data-offset-key=\"vi5s-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"vi5s-0-0\"><span data-offset-key=\"vi5s-0-0\">The reality for most of us is, healthcare<\/span><span data-offset-key=\"vi5s-1-0\"> is a major expense for a lot of people during their working years. And often, it becomes an even more burdensome expense during retirement.<\/span><\/div>\n<div data-offset-key=\"vi5s-0-0\"><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"d08os\" data-offset-key=\"dob22-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"dob22-0-0\"><span data-offset-key=\"dob22-0-0\">That&#8217;s why it&#8217;s so important to set funds aside for future healthcare costs. And health savings accounts (HSAs) are a great bet in that regard.<\/span><\/div>\n<div data-offset-key=\"dob22-0-0\"><\/div>\n<\/div>\n<p>On April 29, 2022, the IRS released Revenue Procedure 2022-24 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2023.<\/p>\n<p>These limits include:<\/p>\n<ul>\n<li>The maximum HSA contribution limit;<\/li>\n<li>The minimum deductible amount for HDHPs; and<\/li>\n<li>The maximum out-of-pocket expense limit for HDHPs.<\/li>\n<\/ul>\n<p>These limits vary based on whether an individual has self-only or family coverage under an HDHP.<\/p>\n<p>Eligible individuals with self-only HDHP coverage will be able to contribute $3,850 to their HSAs for 2023, up from $3,650 for 2022. Eligible individuals with family HDHP coverage will be able to contribute $7,750 to their HSAs for 2023, up from $7,300 for 2022. Individuals age 55 or older may make an additional $1,000 \u201ccatch-up\u201d contribution to their HSAs.<\/p>\n<p>The minimum deductible amount for HDHPs increases to $1,500 for self-only coverage and $3,000 for family coverage for 2023 (up from $1,400 for self-only coverage and $2,800 for family coverage for 2022). The HDHP maximum out-of-pocket expense limit increases to $7,500 for self-only coverage and $15,000 for family coverage for 2023 (up from $7,050 for self-only coverage and $14,100 for family coverage for 2022).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-910\" src=\"https:\/\/newsite.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-300x203.jpg\" alt=\"\" width=\"300\" height=\"203\" srcset=\"https:\/\/www.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-300x203.jpg 300w, https:\/\/www.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-1024x693.jpg 1024w, https:\/\/www.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-768x519.jpg 768w, https:\/\/www.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-1536x1039.jpg 1536w, https:\/\/www.payrollmedics.com\/blog\/wp-content\/uploads\/2022\/06\/Depositphotos_80066264_XL-2048x1385.jpg 2048w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><strong>Recommended Action Steps to Prepare<\/strong><\/p>\n<p>Employers that sponsor HDHPs should review their plan\u2019s cost-sharing limits (minimum deductibles and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2023. Also, employers that allow employees to make pre-tax HSA contributions should update their plan communications for the increased contribution limits.<\/p>\n<p>It&#8217;s important to review your plan details and make sure you&#8217;re still able to participate in an HSA. Eligibly one year doesn&#8217;t automatically guarantee the same thing for the following year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The reality for most of us is, healthcare is a major expense for a lot of people during their working years. And often, it becomes an even more burdensome expense during retirement. That&#8217;s why it&#8217;s so important to set funds aside for future healthcare costs. And health savings accounts (HSAs) are a great bet &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.payrollmedics.com\/blog\/909-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Giving a Boost to HSA Limits in 2023&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[56,76],"class_list":["post-909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payroll-medics","tag-employee-benefits","tag-small-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Giving a Boost to HSA Limits in 2023 - Payroll+Medics Payroll | Workers&#039; Compensation | HR Solutions<\/title>\n<meta name=\"description\" content=\"Not everyone is able to fund an HSA. 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