Health Savings Accounts
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A Health Savings Account1 (HSA) is designed to give you control over your healthcare expenses. You decide how to spend your money on your health. You make the decisions.
An HSA is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a HSA-qualified high deductible health plan (HDHP) (with limited exceptions) and is intended to offer a more affordable approach to healthcare. Confirm with your health insurance company that you have a HSA-qualified HDHP.
High-Deductible Health Plan (HDHP)
A health insurance plan with a minimum deductible of $1,150.00 (self) or $2,300.00 (family). In addition, the annual out-of-pocket costs, including deductibles and co-pays, cannot exceed $5,800.00 (self) or $11,600.00 (family). These amounts are for 2009 only and will be adjusted annually to allow for cost-of-living adjustments.
A health savings account (HSA) must be paired with a qualified high deductible health plan (HDHP).
- Premiums for high deductible health plans are generally lower than for typical health care plans.
- Lower insurance premiums, combined with the use of tax-free money, can lead to significant savings.
- No "use it or lose it" rules, contributions and earnings remain in your account from year to year.
- Account ownership. The account belongs to you – not a company or employer.
1 All tax references are at the federal level. State taxes may vary. The information above is not intended and should not be construed as legal, tax or investment advice. For such advice, including advice on how this information applies to your individual circumstances please contact your attorney, tax advisor or other appropriate professional.