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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
2016 $1,300 $2,600
2017 $1,300 $2,600

 

Maximum Out-of-Pocket Expenses to Qualify

Tax Year Self-Only Coverage Family Coverage
2016 $6,550 $13,100
2017 $6,550 $13,100

 

HSA Contribution Limits
Tax Year Self -Only Contribution Limit Family Contribution Limit Catch-Up Contribution Limit
2016 $3,350 $6,750 $1,000 per individual age 55 or older
2017 $3,400 $6,750 $1,000 per individual age 55 or older