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IRS Releases 2023 Contribution limits for Health Savings Accounts

- You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.

- If you make contributions on your own using after-tax dollars, they're deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.

- Contributions to your HSA, and any interest or earnings, grow tax deferred.

- Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

The IRS has released the 2022- 2023 contribution limits for health savings accounts (HSAs), as well as the 2022-2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits:

IRS Contribution Allowance 2022-2023