This article has been updated for 2022 and 2023. The IRS has announced an inflation adjustment increase to the maximum HSA contribution for 2023, and there will be in increase over the max HSA contribution for 2022. More specifically, both the individual and family contribution maximums will increase from 2022 to 2023, which is great news for savers. The IRS announces this annual inflation increase for HSAs in May, separate from retirement accounts (e.g. 401Ks, IRAs) in November. And with inflation increasing in the past year, there will be a fairly big jump next year. There will also be increases in minimum annual deductibles and out of pocket expenses. Why should you care about HSA maximum contributions?
The Value of HSA Accounts Has Increased Recently
HSAs could always be used to pay for things like doctors visits, flu shots, prescription drugs, surgery, prescription glasses and contacts, and more. With recent legislation, the value of having an HSA account has increased. With…
This article was written by G.E. Miller and originally published on 20somethingfinance.com