Health Savings Account (HSA)

Overview

  • Pay any medical, prescription drug, dental, vision expenses with HSA Dollars. Cannot use for over the counter medications, vitamins and toiletry items.
  • Annual contribution limit per calendar year:

2015

Individual $3,350
Family $6,650

2016

Individual $3,350
Family $6,750

 

55 and older can also make additional $1,000 contribution per year.

  • Must have a qualified health plan to open (Deductible $,1250 single/$2,500 family).
  • Must have account open before you incur medical expense to use money from HSA.
  • There is never a use it of lose it rule.
     

Getting Money into a Health Savings Account

  • Open HSA at a bank or credit union with a minimum balance.
  • You do not have to put money into an HSA every paycheck or month, you can fund after you incur expenses.
  • Deposits to HSA can be lump sums, as you incur medical expenses, payroll deduction, monthly or any way you want to fund. For largest tax savings, employees should deposit money from their paycheck into their HSA.
  • Employer can save 7.65% on payroll taxes for every dollar employees deposit into their HSA through payroll deduction.

Getting Money Out of HSA

  • Always deposit and pay your medical expenses through an HSA. You can deposit money in the account at the end of the year for all expenses incurred that year before filing taxes. Deposit money in and take out the same day.
  • Get money out of your HSA for all qualified medical expenses.

Health Savings Account

 

 

If you would like more information, please contact us!