Health Savings Account

Is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan (HDHP).  HSA’s are owned by the individual and the funds contributed are used to pay for qualified medical expenses at any time.

    • Tax free withdrawals if used to pay for qualified medical expenses
    • Choose between individual coverage or family coverage for you, your spouse, and your dependents.
    • Must be enrolled in an HDHP – see below for qualifying Deductible and Out-Of-Pocket Expenses
    • Tax-deductible contributions can be made up to the annual limits below
    • Pay for qualified medical expenses at time of purchase with your HSA Debit Card
    • Unused funds remain in the HSA each year and earn a competitive interest rate

Minimum Annual Deductible to Qualify

Tax Year Self-Only Coverage Family Coverage
2018 $1,350 $2,700
2019 and later $1,350* $2,700*

 

Maximum Out-of-Pocket Expenses to Qualify

Tax Year Self-Only Coverage Family Coverage
2018 $6,650 $13,300
2019 and later $6,650* $13,300*

 

HSA Contribution Limits

Tax Year Self -Only Contribution Limit Family Contribution Limit Catch-Up Contribution Limit
2018 $3,450 $6,900 $1,000 per individual age 55 or older
2019 and later $3,450* $6,900* $1,000 per individual age 55 or older

*Subject to annual cost-of-living adjustments