The Elevating HSA Limits Act of 2023 would increase the maximum amount individuals can contribute to health savings accounts by raising the contribution limits to match the deductible and out-of-pocket spending limits of their health plans. Currently, HSA contributions are capped at $2,250 for individual coverage and $4,500 for family coverage, but this bill would align those limits with higher deductible amounts that plans can impose. The changes would primarily benefit people enrolled in high-deductible health plans who want to save more money tax-free for medical expenses. The legislation would take effect for the 2024 tax year and beyond. No specific funding is required as the bill only adjusts existing tax code provisions.
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