How Much HSA Contribution in 2023?

Health Savings Accounts (HSAs) are a great way to save for medical expenses and reduce taxable income. As we approach 2023, many people are wondering how much they can contribute to their HSA. The contribution limits for HSAs in 2023 are as follows:

• Individuals: $3,650
• Family: $7,300
• Catch-up contributions (age 55 and older): additional $1,000

It's important to note that these limits are subject to change based on inflation adjustments. HSA contributions are tax-deductible, grow tax-free, and can be used for qualified medical expenses at any time. The combination of tax benefits and flexibility makes HSAs a valuable tool for healthcare savings.

Health Savings Accounts (HSAs) are an excellent way for individuals and families to save money for qualified medical expenses while enjoying some fantastic tax benefits. For the year 2023, individuals can contribute up to $3,650 to their HSA, while families can contribute up to $7,300. If you or your spouse is aged 55 or older, you can take advantage of catch-up contributions, adding an extra $1,000 to your total. This makes HSAs not just a smart choice for healthcare savings, but also a wise financial decision that can potentially lower your tax bill.