The IRS released Revenue Procedure 2022-24 announcing the cost-of-living adjustments (COLAs) applicable to health savings accounts (HSAs) for the calendar year 2023. The changes include an increase in the contribution limits applicable to eligible individuals who have self only or family high-deductible health plan (HDHP) coverage. The annual contribution limit for an individual with self-only coverage under a high deductible health plan was raised from $3,650 to $3,850 or $4,850 for those eligible for catch-up contributions. For an individual with family coverage under a high deductible health plan, the annual contribution limit was raised from $7,300 to $7,750 or $8,750 for those eligible for catch-up contributions. The minimum annual deductible increases to $1,500 for self-only coverage and $3,000 for family coverage, and the annual out-of-pocket maximum was raised from $7,050 to $7,500 for self-only coverage and from $14,100 to $15,000 for family coverage.
