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Client Alert Applies To: Self-Funded, Fully-Funded, Large Group, and Small Group

In a Revenue Procedure, the IRS has provided the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs), which are as follows:
  • Annual contribution limitation. For calendar year 2023, the annual contribution limitation for an individual with self-only coverage under an HDHP is $3,850; the amount is $7,750 for an individual with family (and two-party) coverage.
  • Qualified High Deductible Health Plan minimum deductible. For the calendar year 2023, a QHDHP must have an annual deductible that is not less than $1,500 for self-only coverage or $3,000 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $7,500 for self-only coverage or $15,000 for family coverage.
The 2023 HSA limit increased significantly from the 2022 limit (as compared to previous years) due to significant growth in the inflation rate.
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This Client Alert was written by Carolyn Cox, who provides our clients with compliance services. For additional questions, please contact Carolyn at 801-715-7110 or [email protected].

© 2022 by Moreton & Company. This Client Alert is intended to alert recipients to recent legal developments. It does not constitute the rendering of legal advice or recommendations and is provided for your general information only. If you need legal advice upon which you can rely, you must seek an opinion from your attorney.