To open an HSA:
An HDHP is an insurance plan designed to lower your annual insurance premiums by offering lower monthly fees and higher deductibles than traditional health plans.
Any health insurance company may offer an HDHP, either individually or through an employer. Contact your employer’s HR department or your insurance company to find out more.
Funds in your HSA can be used to pay for eligible expenses for medical, dental and vision care, as well as prescription drugs. For a complete list of eligible expenses, see IRS Form 502.
For 2015, the maximum contribution for self-only coverage is $3,350. For 2015, the maximum for family coverage is $6,650. These limits are subject to a cost-of-living adjustment annually. If you are age 55 or older, you may contribute an additional $1,000. You should consult a tax advisor for more information and advice on your specific circumstances.
Yes. Employers may choose to contribute to an HSA as an added employment benefit. Remember, all deposits count toward the annual contribution limit.
Yes, you may use funds from your HSA to cover eligible medical expenses for your spouse and any dependents. To maximize your tax benefit and savings potential, both you and your spouse should consider having separate HSAs.
Money you contribute is tax deductible. However, you do not get a tax deduction for funds contributed by your employer. Consult your tax advisor to learn more.
Yes. HSAs do not have a “use-it-or-lose-it” rule. Your HSA money is yours to keep, and there’s no cap on how much your funds can grow year after year.
While you may continue to use the HSA to pay for medical expenses for as long as the funds last, you can no longer make contributions to the account if you lose your HDHP coverage.
You can continue to use the money tax-free for medical expenses. When Medicare takes effect, you can use the HSA to pay premiums, deductibles and co-pays. After age 65, you can also use HSA funds for non-medical expenses; the amount will be taxable as income, but there are no penalties for withdrawing funds. Consult your tax advisor to see if this option is right for you.
For more information about health savings accounts visit:
Call a specially trained HSA customer service representative at 877-751-3399.