Health Savings

The Health Savings Account (HSA) is designed to give you more control over your healthcare expenses and to offer a special tax-advantaged strategy for paying qualified medical expenses. If your health plan features higher deductibles than traditional health plans, you may be eligible for an HSA. Check with your employer to find out if a high deductible health plan is offered.

 

With an HSA, you can

  • Earn income tax free with dividends paid on whichever HSA plan you choose
  • Determine your own investment strategy for potential higher returns on your HSA balance.
  • Hold on to your savings even after you leave your employer.
  • Potentially pay lower premiums on your health insurance plan.
  • Carry over unspent balances from year-to-year, no "use it or lose it" policy.
  • Use a convenient debit card at doctor's offices, pharmacies, or ATM machines for qualified expenses.

 

Tax advantages

Health Savings Account Contribution Limits 2019

Single Plan Maximum Contribution

$3,500.00

Family Plan Maximum Contribution

$7,000.00

Health Savings Account Catch Up Contribution Limits

Taxable Year

Maximum Catch Up Amount

2019

$1,000.00

2018

$1,000.00

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