"Maximize Savings with 2023 HSA Contribution Guide"

Health Savings Accounts (HSAs) provide tax-advantaged savings for medical expenses, with 2023 contribution limits set at $3,850 for individuals, $7,750 for families, and a $1,000 catch-up option for those aged 55+. Contributions are tax-deductible, earnings grow tax-free, and qualified withdrawals are tax-exempt, offering a robust tool for managing healthcare costs.

Health Savings Accounts (HSAs) offer a tax-advantaged way for individuals and families to save for qualified medical expenses. Below are the contribution limits and tax implications based on the current guidelines.
Category Contribution Limit Tax Implications
Individual $3,850 (2023) Contributions are tax-deductible, withdrawals for qualified medical expenses are tax-free, and any earnings grow tax-free.
Family $7,750 (2023) Contributions are tax-deductible, withdrawals for qualified medical expenses are tax-free, and any earnings grow tax-free.
Catch-Up Contribution (Age 55+) $1,000 additional Individuals aged 55 or older can contribute an extra $1,000 annually, which is also tax-deductible.
Note: Contribution limits are adjusted annually for inflation. Any withdrawals for non-qualified expenses are subject to income tax and a 20% penalty (unless the account holder is 65 or older, in which case the penalty is waived).


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