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Health Savings Account

Save for Medical Expenses

A Health Savings Account (HSA) can help you with copays, prescription costs, and other out-of-pocket medical expenses. Contributions are usually tax-free* and can be deposited directly by your employer. Your account balance can roll over annually – giving you flexibility to save for future medical needs. To be eligible, you must participate in a qualified high-deductible health insurance plan; cannot participate in any other health plan that’s not a high-deductible health plan; cannot be enrolled in Medicare; and cannot be claimed as a dependent on anyone else’s tax return. Annual contribution limits apply.

HSA Benefits:

  • HSA contributions are made pre-tax lowering your taxable income and you don’t pay taxes on the account’s growth*
  • Annual rollovers eliminate worry about using or losing your savings
  • Withdrawals for eligible expenses are tax free*
  • Once you reach age 65 and are enrolled in Medicare, you can no longer contribute, but you can still make withdrawals for medical expenses paid out of pocket
  • No required distributions at age 70 ½ like other retirement accounts

 

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Contact us and we’ll answer your questions.

*Consult your tax advisor