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2023 Tax Planning Guide

Health Savings Accounts

Health Savings Accounts

Limits for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs) increased significantly for 2023, thanks to high inflation.


Health Savings Accounts
*Combined employer and employee contributions


The ability of HDHPs to provide first-dollar coverage for remote health care services was extended through 2022, but will expire in 2023 unless Congress acts to continue this benefit.


HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings and tax-free withdrawals for qualified medical expenses, and you can roll over any balance to the next year.*


HEALTH REIMBURSEMENT ARRANGEMENTS
Employers who offer a Health Reimbursement Arrangement (HRA) can offer employees a maximum of $1,950 in HRA benefits in 2023, up from $1,800.


*Nonqualified withdrawals incur a tax penalty before age 65. After reaching 65, you can take penalty-free withdrawals for any reason, but must pay income tax on the nonqualified amount.


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