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Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

A Health Savings Accounts (HSAs) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.

While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you participate a High Deductible Health Plan (HDHP) sponsored by your employer. A HDHP is generally a health plan that only covers preventive services before the deductible.

How to use your Health Savings Account

Using your HSA is easy. As your account accumulates value from routine payroll deduction you elect during open enrollment, you simply pay for eligible expenses using a debit card linked ot your account. You can track account balances, activity, upload receipts, etc using the FSA mobile app.

Participants in a HSA Plan are not eligible to participate in a Flex Spending Reimbursement Account as the two type of accounts serve a similar purpose.

Deductible Requirements

For plan year 2020, the minimum deductible for an HDHP is $1,400 for an individual and $2,800 for a family.

Contribution Limits

For 2020, if you have an HDHP, you can contribute up to $3,550 for self-only coverage and up to $7,100 for family coverage into an HSA.

For 2021, if you have an HDHP, you can contribute up to $3,600 for self-only coverage and up to $7,200 for family coverage into an HSA.

HSA funds roll over year to year if you don’t spend them. An HSA may earn interest or other earnings, which are not taxable.