How much can I contribute to my HSA?
For 2023, the maximum contribution for an eligible individual with self-only coverage is $3,850 and the maximum contribution for an eligible individual with family coverage is $7,750. Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch-up contribution, if 55 or older by year-end), regardless of the number of months the individual was an eligible individual in the year.
- HSA holders can choose to save up to $3,850 for an individual and $7,750 for a family (HSAholders 55 and older get to save an extra $1,000 – and these contributions are 100% tax deductible from gross income).
- Minimum annual deductibles are $1,350 for self-only coverage or $2,700 for family coverage.
- Annual out-of-pocket expenses (deductibles, co-payments and other amounts, but notpremiums) cannot exceed $6,750 for self-only coverage and $13,500 for family coverage.
|HSA contribution limit (employer + employee)||Self-only: $3,850
|HSA catch-up contributions (age 55 or older)||$1,000||$1,000||No change (set by statute)|
|HDHP minimum deductibles||Self-only: $1,500
|HDHP maximum out-of-pocket-amounts (deductibles, co-payments and other amounts, but not premiums||Self-only: $7,500
|Source: IRS, Revenue Procedure 2022-24|
* Catch-up contributions are allowed for those greater than 55 years of age ($1,000 in 2020).Catch-up contributions can be made at any time during the year in which the HSA participant turns 55.
For more detailed information on HSAs and taxes, visit the U.S. Department of Treasury website at www.ustreas.gov or talk with your tax advisor.