What are the contribution limits for FSAs and HSAs in 2023?
An example of an AI chatbot conversation about FSA and HSA contribution limits for 2023.
What are the contribution limits for FSAs and HSAs in 2023?
For 2023, the contribution limit for Health Savings Accounts (HSAs) is $3,850 for individuals and $7,750 for families. Flexible Spending Accounts (FSAs) have a limit of $3,050.
Are there catch-up contributions for HSAs?
Yes, individuals aged 55 and older can make an additional catch-up contribution of $1,000 to their HSAs.
Can I use both an FSA and an HSA?
Yes, you can use both, but there are specific rules. Generally, you must have a high-deductible health plan to qualify for an HSA.
What happens if I exceed the contribution limit?
If you exceed the contribution limit, you may face a 6% excise tax on the excess amount, and it must be withdrawn to avoid penalties.
How do I withdraw funds from my HSA?
You can withdraw funds from your HSA by using a debit card, writing a check, or submitting a reimbursement request for qualified medical expenses.
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