Health Savings Accounts

Health Savings Accounts (HSA) are a way to pay for qualified medical expenses on a pre-tax basis.  To qualify, you cannot be claimed as a dependent, cannot be enrolled in medicare and must have a HSA-compatible health insurance plan.  Typically they are high deductible PPOs.

Similar to IRAs, there is an annual maximum.  For 2014, the maximum is $3300/individual & $6550/family.  That is the amount that can be contributed each year into your HSA account.  This is also the amount that can be deducted from your income for tax purposes.  Unlike a flexible spending account (FSA), it's not a use-it-or-lose-it plan.  The funds in the account just continue to grow until you withdraw it.

Some qualified medical expenses may include:

  • Accupuncture
  • Ambulance
  • Bandages
  • Chiropracter
  • Contact lenses
  • Vision checkup
  • Dental visits
  • Health insurance deductible
  • Eye surgery
  • Fertility treatments
  • Long term care/Long term care insurance
  • Prescription drugs
  • Surgery
  • Psychiatric care
  • Therapy
  • Transplants

More information may be found at http://www.irs.gov/pub/irs-pdf/p502.pdf.

If you qualify and need to open a HSA account, please go to https://secure.hsabank.com/enrollment/?ain=1004979&id=1001095&brokerage=1001817

Please call if you have any questions!

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