ARTICLE: How Will You Manage the High Price of Healthcare Costs?

How can you plan to help pay for eligible health care costs today and into your future?

A Health Savings Account (“HSA”) may help you save. Individuals who are covered under a high deductible health plan (“HDHP”) have the option to have an HSA.  An HSA balance can be used to pay qualified medical expenses today, tomorrow and throughout your retirement years. Your balance carries over from one year to the next – it does not expire. Once you have reached a minimum balance in your account (your plan’s investment threshold), you may have the option of investing a portion of your balance in your HSA’s investment lineup. As with any investment, there are risks; make sure to fully explore those risks before choosing to invest.

An HDHP is a type of health insurance with a higher minimum deductible for medical expenses and typically a lower monthly premium, than a traditional insurance plan.

How much can you save?

If you have an HSA, the Internal Revenue Service recently increased the HSA contribution limits for 2023.

HSA Contribution limits

Whether you enrolled as an individual within your HDHP or maintain family coverage will determine how much you can contribute to your HSA:

Year Individual Coverage Family Coverage Additional Catch-up Contribution*
2022 $3,650 $7,300 $1,000
2023 $3,850 $7,750 $1,000

* The catch-up contribution is for HSA owners who are turning age 55 or older on or before Dec. 31 of the calendar year during which contributions are made.

Remember, you can make your 2023 HSA contributions between Jan. 1, 2023, and the date your federal income tax is due, which will be Monday, April 15, 2024.

Don’t have an HSA?

If you have a HDHP but don’t yet have an HSA, here are some factors that you may want to consider:

  • Once you reach your plan’s investment threshold, money in an HSA can be invested, with a potential for investment returns that will compound tax-free and increase the value of the account. As with any investment, there are risks; make sure to fully explore those risks before choosing to invest.
  • Earnings are not subject to taxes on a year-to-year basis
  • An HSA doesn’t have required minimum distributions. You can choose to save money in an HSA during your working years, then take tax-free distributions from your balance to pay for qualified medical expenses in retirement, at a time when those expenses may be higher
  • Distributions for qualified medical expenses including expenses not covered by Medicare are tax-free (other distributions are subject to ordinary income tax and, before age 65, an additional 20% IRS penalty tax)


Did you know the ABA Retirement Funds Program (“Program”) provides access to the Voya Financial® Health Savings Accounts. Plan sponsors in the Program who offer high deductible health plans (“HDHPs”), can also include a Voya HSA in their benefits offering.  Plan participants who elect to enroll in an HSA will be able to view retirement account balances alongside HSA balances after they log into their retirement plan account at This provides a  “one-stop” integrated view of retirement and health- savings accounts. Offering tools and education through one source can further make for a more cohesive experience for retirement plan participants.


If you are interested in learning more about the Program and our HSA offering, please email us at [email protected] or visit the Program’s HSA Resource Center.

Click here to access the IRS Revenue Procedure announcing the 2023 HAS contribution limits: RP-2022-24 (


This material is provided for educational purposes only; it is not intended to provide legal, tax, or investment advice. All investments are subject to risk. Please consult an independent tax, legal, or financial professional for specific advice about your individual situation.

Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by WEX Inc.

This highlights some of the benefits of an HSA. If there is a discrepancy between this material and the applicable plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and WEX Health, Inc. reserve the right to amend or modify the services at any time.

The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.

Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.






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