HEALTH SAVINGS ACCOUNT (HSA)
A Health Savings Account (HSA) is a tax-advantaged account established to pay for qualified medical expenses of an account holder who is covered under a High-Deductible Health Plan (HDHP). With money from this account, you pay for healthcare expenses until your deductible is met. Any unused funds are yours to retain in your HSA and accountable towards your future healthcare expenses or your retirement.
In order to put money into an HSA, you are required to have a HDHP in effect for either you or your family. A HDHP is simply health insurance that meets certain minimum deductible and maximum out-of-pocket expense requirements. The table below shows the limits for HSA's in 2018. Please note, you are no longer eligible to make HSA contributions in the first month that you are eligible for and enrolled in Medicare Part A or B.
For complete details on HSAs, visit the U.S. Department of Treasury at www.treasury.gov.
*Catch-up contributions can be made anytime during the year in which the participant turns 55.
**This includes deductible amount, co-payments and other non-premium payments.
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