In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts:
A health savings account (HSA) is a type of savings account that lets individuals put aside pretax money to pay for qualified health care expenses. Studies show that HSA asset growth has been steadily rising since 2016. However, HSAs are often underutilized by employees because they either do not understand how HSAs work or they have misconceptions about them.
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans.
For 2018, individuals can contribute up to $3,450, up from $3,400 in 2017, while family contributions are up to $6,900, up from $6,750 in 2017.
The maximum out-of-pocket figures are up too: $6,650 for single coverage, up from $6,550 in 2017, and $13,300 for family coverage, up from $13,100 in 2017.
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