How are contributions made to my HSA account?
11/02/2017

Contributions can be made by you, your employer or both. However, the total contributions are limited annually. There are two ways you can contribute to your HSA account: Do the paperwork – send your contribution to the bank. You’ve paid taxes on this money already so you’ll have to deduct this amount when you file […]

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What expenses are not eligible?
11/02/2017

Health insurance premiums (other than COBRA and select Medicare plans) Non-medical expenses Cosmetic procedures (teeth whitening, cosmetic surgery, etc…) Medicare supplement insurance premiums Expenses reimbursed from any other source All ineligible HSA distributions are taxable as income and subject to additional tax penalties so it is very important to know what is eligible. […]

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What expenses are eligible?
11/02/2017

Eligible medical expenses are defined by the IRS in Section 213(d) and are listed in IRS Pub 502. Most medical, dental, vision and over-the-counter expenses used to treat a medical condition are eligible. These expenses can be for you, your spouse or your dependents even if they are not covered on your HDHP. A few examples […]

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What is a non-qualified plan?
11/02/2017

A non-qualified plan is any medical plan that does not meet HDHP requirements. Coverage under any other medical plan (primary or secondary/dependent coverage) will make you ineligible for an HSA plan. Three important details: Always check with your insurance provider to see if your plan is HSA compatible. Spouse coverage can affect your eligibility. If […]

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Am I eligible for an HSA?
11/02/2017

If you meet the following criteria, you are eligible to deposit money in an HSA: You are enrolled in a qualified high deductible health plan (HDHP). You cannot be claimed as anyone’s dependent.  You are not covered by any non-qualified plans. These eligibility rules determine if you can add to your HSA account, not if […]

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How much can I contribute to an HSA?
11/02/2017

For 2018, you can contribute the following amounts: $3,450 if you have self-only coverage $6,900 if you have family coverage For those 55 and older, an additional $1000 “catch-up” contribution is allowed. If you join an HDHP mid-year, there are special rules about how much you can contribute. To avoid possible complications, we recommend pro-rating […]

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What is a High Deductible Health Plan (HDHP)?
11/02/2017

A HDHP is a medical insurance plan that meets specific criteria set by the IRS. For 2018, a HDHP must meet the following standards: HDHP Minimum Annual Deductible HDHP Out-Of-Pocket Maximum Self-Only $1,350 $6,650 Family $2,700 $13,300 If you are unsure if your plan meets the HDHP requirements, check with your insurance provider. […]

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Why would I want an HSA?
11/02/2017

An HSA is a way to help you save money on your medical expenses. The main advantages of an HSA are: Tax Savings: An HSA account allows for tax free contributions, tax free distributions and tax free growth on accumulating balances. Affordability: You may be able to lower your health insurance premiums. Ownership: The account […]

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