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A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay for qualified out-of-pocket medical expenses. Funds left in the savings account earns interest and is yours to keep.
An HSA is a tax favored account used in conjunction with an HSA-compatible health plan. The funds in the account are used to pay for IRS-qualified medical expenses such as services applied to the deductible, dental, vision and more.
Any eligible individual that:
– Children cannot establish an HSA
– Eligible spouses can establish their own HSA
2017 IRS Maximum Allowable Contribution Limits
2018 IRS Maximum Allowable Contribution Limits
Account holders who meet the qualifications noted below are eligible to make an HSA catch-up contribution of $1,000.
Authorized Signers who are 55 or older must have their own HSA in order to make the catch-up contribution.
It can be a health maintenance organization (HMO), preferred provider option (PPO) or indemnity plan as long as it meets the IRS requirements. Your insurance company will determine if the policy is an HSA-compatible health plan.
Contributions can come from employers, the account holder or third parties. The combined contribution amount is subject to the IRS contribution limits.
There are no income restrictions for opening or contributing to an HSA.
HSA funds roll over year to year, there are tax benefits on contributions, earnings and distributions, and long term
investment opportunities are available.
Yes, this is permitted if the combination is:
The funds are portable and go with you.
Yes. After the age of 65, you can use the funds for non-qualified expenses without penalty. Funds used for non-qualified expenses may be subject to income tax.