HEALTH SAVINGS ACCOUNTS - HSA
Health care is a major issue facing many individuals and families today. Health Savings Accounts (HSA) were created by the Medicare bill and are designed to help those with High Deductible Health Plans (HDHP) pay for current and future qualified medical expenses. The HSA offers individuals many benefits, including the ability to keep their money and save towards retirement. HSA accounts can be funded by you, your employer, or both.
- Be covered by a high deductible health plan.
- Have no other medical coverage.
- Not be enrolled in Medicare.
- Not eligible to be claimed as a dependent on someone else's tax return.
|Tax Year||HDHP Coverage||Minimum Deductible||Out-of-Pocket Expense Limit|
- Tax savings
- Earned interest
- Reduced insurance premiums
- Long-term savings
For more information on FDIC limits, CLICK HERE.
|Tax Year||HDP Coverage||Standard Limit||Catch-up Amount (Age 55+)||Total Contribution Limit for Age 55+|