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Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt trust or custodial account that you can establish with a qualified HSA trustee that can be used to pay for or reimburse yourself for medical, dental and vision expenses that you incur.

The benefits of an HSA include the following:

  • You can claim a tax deduction for contributions made to your HSA.
  • Contributions to your HSA made by your employee may be excluded from your gross income.
  • Contributions remain in your account from year to year until you use them.
  • Interest or other earnings on the assets in your HSA are tax free.

Some of the rules that apply to Health Savings Accounts include:

  • In order to participate in an HSA you must be a participant in a high-deductible health plan (HDHP).
  • A HDHP, at a minimum, must provide for a deductible of at least $1,300 for single individuals and $2,600 for participants with one or more covered dependents.
  • The limit that you can contribute to an HSA for 2016 is $3,350 for single individuals and $6,750 for individuals with coverage that includes one or more covered dependents.

For other rules please click here: to view IRS Publication 969.

HSA Contribution Limits for 2017

Bipartisan H.R. 1270 Aims to Improve Utility of and Contributions to HSAs

Health Savings Accounts Fit Into Bigger Picture Retirement Savings


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