Health Savings Accounts (HSA’s)
A Health Savings Account (HSA) is an interest bearing* special account owned by an individual used to pay for current and future medical expenses.
HSA’s are used in conjunction with a “High Deductible Health Plan” (HDHP).
Who is eligible for HSA’s?Any individual that:
No income limits on who may contribute to an HSA
No requirement of having earned income to contribute to an HSA
The maximum amount that can be contributed to an HSA from all sources is:
If you are 55 or older you can make a catch-up contribution of $1000 also.
All amounts in the HSA are fully vested.
Unspent balances in accounts remain in the account until spent.
For more frequently asked questions about HSA’s visit the web site www.treas.gov and click on “Health Savings Accounts”
*Rates subject to change