The IRS has announced a significant increase to health savings account contribution limits for calendar year 2023 in response to inflation.
Self-coverage caps will increase to $3,850 annually.
That is up approximately 5%, or $200 from 2022.
Family coverage represents an even greater increase, setting the cap at $7,750 annually.
Limits rose less than 1.5% between 2021 and 2022.
Catch-up contributions for HSA owners who are 55 and older on or before Dec. 31, 2023 remain at $1,000.