Health Savings Accounts
Save for health-related expenses...and more...with a tax advantaged HSA account.
If you have a high deductible health plan (HDHP), you may be eligible for an HSA and these valuable tax benefits.
HSA contributions are: Tax-deductibleTax-free distributions (if used properly)Tax deferred earnings
HSA balances carry over each year and remain with you regardless of your employment status or health care coverage in the future. Use your HSA for qualified medical expenses, at any age. This generally includes most medical, dental and vision care expenses. Some health insurance premiums may also be considered eligible expenses.
Contribution limits are determined by the IRS and subject to change each year. Check with your health insurance provider and/or tax adviser for eligibility requirements and details.
How much may be contributed to an HSA in calendar year 2014?
For plans effective January 1, 2014 Individual: $3350Family: $6550$1000 catch-up for an account holder age 55 or older
There is a $2.50 monthly charge or $30 billable annual fee (this option is used only when the employer is being billed for the fee).
Individual Coverage 2014 annual deductible: $1250 Minimum2014 annual out of pocket expense limit: not more than $6350
Family Coverage 2014 annual deductible: $2500 minimum2014 annual out of pocket expense limit: not more than $12,700These plans do not have co-pays for doctor visits or prescription drugsThese plans can be "network" plansSome qualified plans may have a first-dollar benefit or low-deductible benefit for preventive care only. In the case of family coverage, a plan is only an HDHP if under the terms of the plan no amounts are payable until the aggregate family deductible is met.
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