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 […] Read More >
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. […] Read More >
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 […] Read More >
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 […] Read More >
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 […] Read More >
How much can I contribute to an HSA? 11/02/2017 For 2022, you can contribute the following amounts: $3,650 if you have self-only coverage $7,300 if you have family coverage For those 55 and older, an additional $1000 “catch-up” contribution is allowed. For 2023, you can contribute the following amounts: $3,850 if you have self-only coverage $7,750 if you have family coverage For those 55 […] Read More >
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 2022, a HDHP must meet the following standards: HDHP Minimum Annual Deductible HDHP Out-Of-Pocket Maximum Self-Only $1,400 $7,050 Family $2,800 $14,100 For 2023, a HDHP must meet the following standards: HDHP Minimum Annual Deductible HDHP Out-Of-Pocket Maximum Self-Only […] Read More >
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 […] Read More >
What is a Health Savings Account (HSA)? 11/02/2017 A Health Savings Account (HSA) is a special bank account used to pay for current and future medical expenses tax-free. […] Read More >