Benefits of a Health Savings Account Triple Tax Savings
- Tax deductions when you contribute to your account
- Tax free earnings through investment
- Tax free withdrawals for qualified medical expenses
Consult your tax advisor about the tax benefits applicable to Health Savings Accounts. Qualified medical expenses are defined under Section 213(C) of the IRS Code. More detail to the IRS Publication available about Medical and Dental Expenses here.
A Health Savings Account will give you the opportunity to pay for unexpected medical bills by saving the money in a qualified plan that earns dividends. The account is affordable and flexible. You can contribute to your HSA at any time during the year and your HSA balance rolls over from year to year. There are no "use it or lose" rules on your HSA. You can set up automatic transfers or deposit to your HSA.
Complete your paperwork in advance. Print the Documents.
Contribution Limits & IRS GuidelinesMaximum Contributions
|2020 IRS Limits||Single Plan||Family Plan|
|Maximum Contribution Limit||under 55||$3,550||$7,100|
|Catch-Up Contribution (55+)||$1,000||$1,000|
Who Can Have Health Savings Account?Any adult can contribute to an HSA if he or she:
- Has coverage under an HSA-qualified "high deductible health plan" (HDHP)
- Has no other first-dollar medical coverage
- Is not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
See our Rates and Fees.