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Health Savings Account
Saving for your health today is investing in tomorrow.
A Health Savings Account (HSA) is a type of tax-exempt custodial account that helps people with qualified high-deductible health plans (HDHPs) save money for out-of-pocket medical expenses like doctor visits and prescriptions. Individuals can open an HSA on their own, through an employer or an eligible healthcare provider.
HSA Federal Tax Benefits
Your contributions are fully deductible and your earnings grow tax deferred. The distributions for qualified medical expenses are also tax-free. You can deduct contributions made by anyone, other than your employer, as long as they don't exceed the maximum annual contribution amount. Your tax advisor or legal professional can provide guidance if you have questions.
Contributors to an HSA
Once you have determined that you meet the eligibility requirements for an HSA, you, your employer, your family members, and any other person may contribute to your HSA.
HSA contribution limits and deductible requirements
Contribution limits and deductible requirements are set by the Internal Revenue Service (IRS) each year. There is a limit on the 'out of pocket' expenses that can be incurred during the tax year. You can reference the IRS Website to check limits and requirements. For guidance, contact your tax advisor or legal professional.
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