Health Savings Account An easy, tax-advantaged way to pay for qualified medical expenses.

To be eligible for a Health Savings Account, you must be covered by a High-Deductible Health Plan (HDHP)². For 2023, generally, an HDHP is a health plan with these features:

• A deductible of at least $1,500 for single coverage and at least $3,000 for family coverage
• A maximum annual out-of-pocket expense limit for allowed costs not exceeding $7,500 for single coverage and $15,000 for family coverage

Also, you must not be:

• Covered by any other health plan other than another HDHP (with limited exceptions)
• Eligible to be claimed as a dependent on another person's tax return³
• Enrolled in Medicare

The annual maximum HSA contribution limit changes January 1 of each calendar year based on the Consumer Price Index.

2023 annual contribution limits

• Single coverage: $3,850
• Family coverage: $7,750

2022 annual contribution limits

• Single coverage: $3,650
• Family coverage: $7,300

Additional information

• If you're 55 or older at any time during the tax year, you may be eligible to make a catch-up contribution of $1,000 per year
• Contributions to other HSAs in your name and to the Archer Medical Savings Accounts (MSAs) in your name count toward your contribution limit

HSA funds can be used to pay for qualified medical expenses that aren't reimbursed by insurance or otherwise reimbursed, including:

• Medical services (fees and expenses charged by physicians, surgeons, specialists and other health care providers)
• Dental treatment (including fillings, extractions, braces and x-rays)
• Eye examinations, glasses, contact lenses, surgery
• Prescription medicines
• Psychiatric care

Funds may be used for qualified medical expenses for your spouse or dependents, even if they aren't covered by the High-Deductible Health Plan.