You may already know that I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next. I have accurately predicted the annual adjustments by the Internal Revenue Service for the past 16 years.
With the January 12 release of the December inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for HSAs for 2023 are coming into view. With only three months of data remaining to be collected, I can now project the HSA amounts for next year with virtual certainty.
I am projecting that the HSA amounts will see their biggest increases in the history of the program. This is good news for HSA owners as the contribution limits will rise much more than in prior years. For HSA-qualified insurance plans, the minimum deductibles and annual out-of-pocket limits will also jump larger than for most years. You can find my projections at AskMrHSA.com.
Look for my final projections for 2023 in April. The IRS will release the final 2023 amounts later in April or in May.
–Roy Ramthun, “Mr. HSA”