Health Savings Account
Health Savings Account (HSA) is a tax advantaged medical savings account that is owned by the individual where contributions to the account are used to pay for current and future medical expenses.
The member must be in an eligible High Deductible Health Plan (HDHP).The money contributed to the account is not subject to federal tax at the time of deposit, so it's pre-tax dollars for employees or tax deductible if you are self-employed. The funds in a Health Savings Account can be used to pay all eligible medical related expenses that are not covered by your Health Insurance Plan.
- Individual HSA Plan: $3,400
- Family HSA Plan:$6,750
If the owner of the Family HSA plan is 55 or over, the catch-up provision allows an additional $1,000 for a total contribution of $7,750.