Elevating HSA Limits Act of 2023

HR 5737, the Elevating HSA Limits Act of 2023, increases the maximum annual contribution limits for Health Savings Accounts (HSAs) to match the deductible and out-of-pocket limits of qualifying high-deductible health insurance plans. This change directly affects individuals with HDHPs who use HSAs, as their annual contribution caps will now automatically adjust each year based on the current plan's deductible and out-of-pocket maximums instead of fixed 2023 dollar amounts. The bill amends the Internal Revenue Code to replace the current fixed limits ($2,250 for self-only coverage and $4,500 for family coverage) with a dynamic formula tied to plan costs. These changes apply to tax years beginning after December 31, 2023.