HSA – Health Savings Accounts
What is an HSA?
An HSA, or health savings account is paired alongside a HDHP, or HSA Compatible Health plan. These health plans offer no benefits up front (except for preventive care). Benfits start to be paid after your deductible is met. The idea is that you open up a health savings account, and put money into that account to pay for medical expenses. Any money you put into that account is 100% tax deductible
HSA Contribution Limits for 2018:
Individual – $3,450
Family – $6,850
Catch up contribution for those 55+ – $1,000 per year
There are many banks who will allow you to open health savings accounts.
The following banks have had favorable reviews from our clients:
HSA Bank
Sterling