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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: www.irs.gov/publications/p969/index.html 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

Contact

3 RAYMOND DR., SUITE 201,
HAVERTOWN, PA 19083
info@theharrisongrouponline.com
PHONE: 610-853-9075
TOLL FREE: 855-222-5727
FAX: 610-853-9079

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