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HSA: Health savings account changes for 2023

Healthcare can be expensive, and many Americans use a HSA, or health savings account, which helps offset future costs for medical care.

cash for hsa savings plans

These accounts can help you maintain the cost of medical care in retirement, which can be more costly than when working.

These types of accounts let you set money aside for medical costs and the funds you set aside never expire.

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Contributions made are with tax free dollars and can then be invested.

If you withdraw the money for medical costs, the gains and withdrawals are tax free as well.

Annual contributions are limited, but do change yearly to keep up with inflation.

HSA changes for 2023

The biggest changes are regarding limits and eligibility.

Those contributing just to cover themselves have a contribution limit of $3,650.

In 2023 that will rise to $3,850.

Family level contributions are currently limited to $7,300 but will rise to $7,750 in 2023.

Those 55 and over also have a $1,000 catch up contribution on top of the regular limits.

Those eligible currently need to be enrolled in a high deductible healthcare plan.

The definition will be changing for 2023.

Right now you can have an HSA with a minimum deductible of $1,400 for individuals and $2,800 for families.

The minimums will rise to %1,500 for individuals and $3,000 for families in 2023.

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