What is the maximum contribution limit for a health savings account?

For the year 2023, the maximum contribution limits for a health savings account, commonly referred to as an HSA, are determined by the Internal Revenue Service. These limits can vary depending on factors such as whether the account holder has individual or family coverage under a high-deductible health plan. For individuals with self-only coverage, the contribution limit is set at three thousand eight hundred dollars. For those with family coverage, the limit increases to seven thousand seven hundred dollars. Additionally, individuals aged fifty-five or older are eligible to make an extra catch-up contribution of one thousand dollars. It is important for account holders to be aware of these limits so that they can maximize their contributions and potential tax benefits. For the most accurate and current information regarding health savings account contribution limits, it is advisable to refer to the relevant sections of the Internal Revenue Service website or the current web page of Discovery Benefits.