Health Savings Accounts (HSAs) are tax-advantaged savings accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay for qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts based on inflation. For 2023, the HSA contribution amount for individuals is $3,850 ($3,650 for 2022) and $7,750 ($7,300 for 2022) for those with family coverage. The minimum HDHP deductible for individuals is $1,500 ($1,400 for 2022) and $3,000 for family coverage ($2,800 for 2022). The maximum HDHP out-of-pocket cost is $7,500 for self coverage ($7,050 for 2022) and $15,000 for family coverage ($14,100 for 2022). Call or visit our website for more information! www.mjscpa.com/
