- Summary
Lucky for you, there's a way to ride out the healthcare storm. Open up a Health Savings Account and take your health into your own hands.
HSAs provide a tax-advantaged* way to take care of yourself — and it's yours to rollover year-to-year. So whether you need it next year or ten years from now, you're covered. Talk to your employer about contributions.
Details:
- Tax-advantaged* way to save for retirement
- Must be enrolled in a qualified high deductible heath plan (minimum deductible of $1,350 for single coverage or $2,700 for family coverage)
- Cannot be enrolled in Medicare
- Cannot be claimed as dependent on another's tax return
- Earn competitive dividends on entire balance
- Tax-free withdrawals when used for qualified medical expenses
- No "use it or lose it" policy since the balance carries over year-to-year
- You, not your employer, owns the HSA
- Easy ways to access and keep tabs on funds
- No setup or annual fees
Contribution Limits
Contribution limits are set by the IRS. Current 2019 contribution limits are:
- $3,500 for a single person
- $7,000 for a family
- A person age 55 or older may make an additional $1,000 in "catch-up" contributions
*Consult your tax advisor.
See our rates.
