2FA for P&A Participants
COBRA, Commuter Benefits, Parking, Participant, Reimbursement Accounts, Savings Accounts, Transit
On April 29, 2022, the IRS released the inflation-adjusted amounts for Health Savings Accounts for 2023. Among the changes are increases to the minimum High Deductible Health Plan (HDHP) amounts for single coverage ($1,500) and family coverage ($3,000). Below are the updated HSA limits for 2023, effective January 1, 2023.
HSA Overview
A Health Savings Account (HSA) is a special savings account where your contributions can be used now or during retirement. When you enroll in an HSA, you pay for eligible medical, dental and vision expenses with tax-free dollars. Unlike an FSA, there is no “use-or-lose” stipulation with an HSA, so your funds will roll over from year to year.
HSA Limits for 2023
Health Savings Account |
2022 |
2023 |
| HSA Contribution Limit – Individual Coverage | $3,650 | $3,850 |
| HSA Contribution Limit – Family Coverage | $7,300 | $7,750 |
| HDHP Minimum Deductible – Individual Coverage | $1,400 | $1,500 |
| HDHP Minimum Deductible – Family Coverage | $2,800 | $3,000 |
| HDHP Maximum Out-of-Pocket – Individual Coverage | $7,050 | $7,500 |
| HDHP Maximum Out-of-Pocket – Family Coverage | $14,100 | $15,000 |
How to Access Your HSA
To check your account balance or manage your HSA, log into your account. You can also download P&A’s HSA mobile app on the App Store or Google Play.
Pro Tip: Looking for more information about HSAs? Visit our HSA participant page or go the HSA Learning Center.
