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 “catch-up” contribution to their HSAs.
HSA / HDHP Limits Increase for 2022
On May 10, 2021, the IRS released Revenue Procedure 2021-25 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2022. The IRS is required to publish these limits by June 1 of each year.
PPE Expenses Are Reimbursable Under Health FSAs, HRAs and HSAs
During the COVID-19 pandemic, you may have purchased masks or personal protective equipment (PPE) for the purpose of preventing the spread of the coronavirus (COVID-19). Now, according to a recent announcement from the Internal Revenue Service (IRS), those PPE purchases may be deductible from your income for tax purposes and eligible to be paid or reimbursed under certain savings accounts.