2023 Limits to know
Many benefit plan limits have changed for the new calendar year. Here are some limits to review for 2023:
401(k) LIMITS
Pre-tax contributions: $22,500 (up $2,000 from 2022)
Catch-up contributions: $7,500 (up $1,000 from 2022)
HIGH DEDUCTIBLE HEALTH PLAN (HDHP) LIMITS
HDHP minimum deductibles:
Single coverage: $1,500(up $100 from 2022)
Family coverage: $3,000 (up $200 from 2022)
HDHP maximum out-of-pocket costs:
Single coverage: $7,500 (up $450 from 2022)
Family coverage: $15,000 (up $900 from 2022)
HEALTH SAVINGS ACCOUNT (HSA) LIMITS
Pre-tax contributions:
Single coverage: $3,850(up $200 from 2022)
Family coverage: $7,750 (up $450 from 2022)
Catch-up contributions: $1,000 (no change from 2022)
FLEXIBLE SPENDING ACCOUNT (FSA) LIMITS
Contributions: $3,050 (up $200 from 2022)
For more information on Capital Services, scan below!
