Health savings accounts 2023: Contribution limits, eligibility updates

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Here’s how your health savings account can be used for more than emergency room visits.
USA TODAY
Healthcare is a major expense for a lot of people during their working years. And often, it becomes an even more burdensome expense during retirement.
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HSAs allow you to set aside money for near- and long-term medical costs. Unlike flexible spending accounts (FSAs), HSA funds never expire, which is why HSAs are often regarded as a retirement-savings tool – even though you can access money in one of these accounts well ahead of retirement.
What makes HSAs so unique is that they’re triple tax-advantaged. Contributions are made with tax-free dollars, and money that isn’t withdrawn from an HSA can be invested for added growth. Those gains are then tax-free, as are withdrawals, provided they’re used for qualified medical expenses.
HSA limits are rising
The amount of money you can contribute to an HSA depends on whether you’re saving as an individual or at the family level. If you have self-only coverage, you can currently contribute $3,650 to an HSA. Come 2023, that limit will increase to $3,850.
If you have family-level coverage, you can currently contribute $7,300 to an HSA. Come 2023, that limit will rise to $7,750.
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Eligibility is changing, too
Not everyone is able to fund an HSA. To be eligible, you must be enrolled in a high-deductible health insurance plan. And the definition of that is changing in 2023, as well.