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What is an HSA?

What is an HSA? . Brenda Black. What is an HSA. Health Savings Account No use or lose A Health Savings plan is a consumer owned, tax advantage savings account. How much can I contribute to my HSA in 2014?. $6550 for family's $3300 for singles

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What is an HSA?

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  1. What is an HSA? Brenda Black

  2. What is an HSA Health Savings Account • No use or lose A Health Savings plan is a consumer owned, tax advantage savings account.

  3. How much can I contribute to my HSA in 2014? • $6550 for family's • $3300 for singles • For those of you over the age of 55, you can contribute an additional $1000.

  4. Advantages of an HSA • Pre taxed dollars • Up to $.35 on the dollar savings • Many employers will contribute to your account • It is your account

  5. What can I pay for with my HSA? Qualified Medical Expenses • Doctor and hospital visits • Medical equipment • Vision and dental care • Prescriptions A complete list can be found in the IRS publication 502.

  6. Your HSA account is Yours! • You own the account • Even if you change employment, move or retire. • The money goes where you go.

  7. You cannot pay for; • Anything considered cosmetic • If used for a non qualified medical you will be taxed an penalized • Once over the age of 65 you will be taxed without penalty

  8. Who can get an HSA? • You must have a qualifying HDHP( High Deductible Health Plan) • Be over 18 years of age • Cannot be enrolled in Medicare • Cannot be claimed as a dependent • Cannot be enrolled in Tricare • Have no other health coverage except where permitted by the IRS.

  9. Who cannot have an HSA? • Anyone enrolled in Tricare or Medicare • Anyone that can be claimed as a dependant

  10. IN Closing • Your HSA is yours! • Take advantage of the tax savings you can receive. This is one small piece of the health care pie.

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