How Much Can I Contribute to My HSA in 2023?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you are considering contributing to an HSA in 2023, it's important to know the contribution limits set by the IRS. As of 2023, the maximum annual contribution limits for HSAs are as follows:

• Individual Coverage: $3,650
• Family Coverage: $7,300
• Catch-Up Contributions (age 55 or older): An additional $1,000

It's essential to stay within these limits to avoid any tax penalties. Keep in mind that these limits can change from year to year, so it's always a good idea to stay informed about the latest updates.

Health Savings Accounts (HSAs) are becoming increasingly popular as a way to manage healthcare costs effectively, and knowing the contribution limits for 2023 can help you maximize your savings. For those with individual coverage, the maximum contribution limit is $3,650, while families have a higher limit of $7,300. Additionally, if you are age 55 or older, you have the opportunity to make an extra catch-up contribution of $1,000. This is a great way to build up your savings for medical expenses, especially as we age and healthcare costs tend to rise.