The Internal Revenue Service (IRS) has announced the inflation-adjusted 2023 minimum deductibles, out-of-pocket maximums, and contribution limits for heath savings accounts (HSAs) and qualified high-deductible health plans (HDHPs). Self-only coverage refers to plans for one individual, while family coverage refers to plans for two or more individuals. The out-of-pocket maximum includes copayments, deductibles, and coinsurance amounts, and excludes premiums.
These IRS changes are effective on customers’ renewal dates beginning Jan. 1, 2023, or later:
- Minimum deductible
- $1,500 for self-only coverage ($100 increase from 2022)
- $3,000 for family coverage ($200 increase from 2022)
- $3,000 for embedded individual deductible ($100 increase from 2022)
- Out-of-pocket maximum
- $7,500 for self-only coverage ($450 increase from 2022)
- $15,000 for family coverage ($900 increase from 2022)
- HSA contribution limits
- $3,850 for self-only coverage
- $7,750 for family coverage
- Individuals 55 and over may contribute an extra $1,000 to their HSA
Be aware of the intersection of HSA and Affordable Care Act (ACA) rules. The 2023 ACA maximum is $9,100 for individual coverage.
Examples of compliant HSA/ACA plans:
- One plan for self-only and family coverage with an embedded out-of-pocket; maximum amounts for 2023 are $7,500 for an individual and $15,000 for a family
- One plan for self-only and family coverage with a non-embedded out-of-pocket; maximum amounts for 2023 are $7,500 for an individual and $9,100 for a family
2023 maximum out-of-pocket limits for group plans
Recent guidance modified the earlier annual out-of-pocket limits for 2023, which is now:
- $9,100 for self-only coverage ($8,700 in 2022)
- $18,200 for family coverage ($17,400 in 2022)
The annual out-of-pocket maximum for group plans does not apply to transitional relief plans or retiree plans.
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