Health Savings Account (HSA)
- Individual Account
- Family Account
What is HSA?
Health Savings Accounts (HSAs) were designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis and are used in conjunction with a “High Deductible Health Plan” (HDHP)
What is a HDHP=”High Deductible Health Plan?
Health insurance plan with minimum deductible of:
- $1,300 (self-only coverage) – 2016
- $2,600 (family coverage) – 2016
Annual out-of-pocket (including deductibles and co-pays can not exceed:
- $ 6,550 (self-only coverage) – 2016
- $13,100 (family coverage) – 2016
HSA Maximum Annual Contribution by law (indexed annually)
- $3,350 (self-only coverage) – 2016
- $6,750 (family coverage) – 2016
- $1,000 additional catch-up contribution is allowed for individuals 55 years or older – 2016
- Distribution is tax-free if taken for “qualified medical expenses”
- Qualified medical expense must have occurred after the HSA was established
COME IN AND LEARN MORE HOW YOU CAN SAVE FOR FUTURE MEDICAL EXPENSES TAX FREE!