HEALTH SAVINGS ACCOUNT

Health savings accounts were created to help individuals and families save for qualified medical expenses on a tax-free basis.

Health savings accounts (HSAs) can be used for expenses such as prescriptions, eye care, dental and some over-the-counter medications. The funds contributed to your HSA are tax-deductible, reducing your taxable income. When funds are distributed out of the HSA to pay for qualified medical expenses, the funds then come out of the HSA plan tax-free.

Consider a health savings account if you meet the following conditions:

  • You have a high-deductible health plan.
  • You are generally not covered by any health plan that is not a high-deductible plan.
  • You are not enrolled in Medicare.
  • You may not be claimed as a dependant on another person’s tax return.
Contribution Limits 2017 2018
Health savings account (HSA) Individual: $3,400; Family: $6,750; Catch-up of $1,000 of over 55) Individual: $3,450; Family: $6,900; Catch-up of $1,000 of over 55)
Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Start typing and press Enter to search