Health Savings Account (HSA) contribution limitations for 2023 are listed below. Contributions to an HSA are tax deductible or pre-tax as a payroll deduction. Funds from an H.S.A. account can be used to offset deductibles, copays, and other qualified medical expenses. Excess contributions are not deductible and are subject to penalty unless the excess contributions are paid out to the account holder before the tax return deadline including extensions.
H.S.A CONTRIBUTIONS LIMITS:
Self-only Plan – $3,850
Family Plan – $7,750
Age 55 Catch Up – $1,000