In 2023, there are main will increase to the HSA or Well being Financial savings Account contribution limits. An HSA or Well being Financial savings Account is a tax-advantaged funding account that may be withdrawn from for certified medical bills tax-free. The funds you deposit into an HSA might be invested very like an IRA into equities, bonds, and different investments. HSAs are oftentimes described as “Medical IRAs” attributable to their tax benefits and funding choices. Please understand that should you use your HSA funds for non-qualified medical bills, the IRS will impose a 20% withdrawal penalty on high of your relevant earnings tax.
To be eligible to arrange and fund an HSA, you have to be enrolled in a Excessive Deductible Well being Plan or HDHP plan. You may establish a medical insurance plan as HSA suitable just by seeing if there’s “HDHP” within the identify of the plan comparable to Bronze 60 HDHP PPO. Whereas the Bronze 60 HDHP PPO is suitable with an HSA, the Bronze 60 PPO is NOT suitable with an HSA.
| 2022 | 2023 | Change | |
| HSA Contribution restrict (employer + worker) | Self: $3,650 Household: $7,300 | Self: $3,850 Household: $7,750 | Self: + $200 Household: + $450 |
| HSA catch up contributions (age 55 or older) | $1,000 | $1,000 | No change |
| HDHP minimal deductibles | Self: $1,400 Household: $2,800 | Self: $1,500 Household: $2,800 | Self: + $100 Household: + $200 |
| HDHP most out-of-pocket (deductibles, co-payments & all besides premiums) | Self: $7,050 Household: $14,100 | Self: $7,500 Household: $15,000 | Self: +$450 Household: +$900 |
When you have any questions on your eligibility for an HSA and whether it is best for you, please contact us at 310-909-6135 or at data@solidhealthinsurance.com for us to raised help you. At Strong Well being Insurance coverage Providers, we try to assist our purchasers discover the proper well being, dental, imaginative and prescient, life, and long-term care insurance coverage which most closely fits their funds and medical wants.