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Compliance Briefing Center

Regulatory Updates

Making it Easier for You
to Manage Benefits

2023 Health Savings Account Index Figures

 

May 10, 2022

 

 

The following general summary is intended to educate employers and plan sponsors on the potential effects of recent government guidance on employee benefit plans. This summary is not and should not be construed as legal or tax advice. The government’s guidance is complex and very fact specific. As always, we strongly encourage employers and plan sponsors to consult competent legal or benefits counsel for all guidance on how the actions apply in their circumstances.

On April 29, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-24 providing the new Health Savings Account (HSA) index figures for 2023.1

2023 Health Savings Account Index Figures

The IRS provides this early release to help employers and HSA Members budget for the upcoming year. See the table below for details:

     2023 2022
Minimum deductible amounts for the qualifying High-Deductible Health Plan (HDHP)
Individual Coverage $1,500 $1,400
Family Coverage $3,000 $2,800
Maximum contribution levels
Individual Coverage $3,850 $3,650
Family Coverage $7,750 $7,300
Catch-up contributions allowed for those 55 years of age and over $7,750 $7,300
Maximums for HDHP out-of-pocket expenses (excluding premiums)
Individual Coverage $7,500 $7,050
Family Coverage $15,000 $14,100

 

Also, for plan years beginning in 2023, Revenue Procedure 2022-24 provides that the maximum amount that may be made newly available for the plan year in an excepted Health Reimbursement Arrangement (HRA) is $1,950. Plan sponsors should update payroll and plan administration systems for the 2023 cost-of-living adjustments and incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents and summary plan descriptions.

Nothing in this communication is intended as legal, tax, financial or medical advice. We assume no liability whatsoever in connection with its use, nor are these comments directed to specific situations. Always consult a professional when making life-changing decisions.

 

  1. https://www.irs.gov/pub/irs-drop/rp-21-25.pdf