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A health savings account (HSA) allows you to save money for qualified medical expenses that you’re expecting, such as contact lenses or monthly prescriptions, as well as unexpected ones — for this year and the future.
You own it
The money is yours until you spend it, even deposits made by others, such as an employer or family member. You keep it, even if you change jobs, health plans or retire.
HSAs help you plan, save and pay for health care, all while saving on taxes.
- The money you deposit is federal income tax-free.
- Savings grow income tax-free.
- Withdrawals for qualified medical expenses are also income tax-free.
Qualified High Deductible Plan (QHDP) has a contribution limit set up by the IRS.
Please reference the Employer HSA contribution chart for 2019 limits:
Please note, if you are age 55 or older there is an IRA catch-up provision that allows you to contribute an extra $1000 per year.
*Please remember the total contribution allowed for single or family contributions are determined by your coverage election. The IRS maximum contribution is per taxable entity, so you may need to consider any contribution that your spouse makes to an HSA when setting your election. Please coordinate your efforts.
Video: What is an HSA?
Video: How to use HSA?