Jun 02, 2023
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts:
The HSA catchup contribution limit for those age 55 and older is set by statute at $1,000 and remains unchanged.
What's behind the changes
The Society for Human Resource Management noted that the annual contribution limits are rising by more than 7%, "in one of the biggest jumps in recent years." These changes are due to the high inflation rates. The increased limits should bring additional attention to HSAs: "Many industry experts tout health savings accounts as a smart way for employees to save for medical expenses, even in retirement, citing their triple tax benefits: Contributions are made pretax, the money in the accounts grows tax free and withdrawals for qualified medical expenses are tax free."
The SHRM said that at the end of 2022, Americans held $104 billion in 35.5 million HSAs.
This is just a summary of complex provisions. To see whether an HSA is right for you, speak with a financial professional.
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