DO YOU HAVE A HIGH DEDUCTIBLE HEALTH PLAN?
You may qualify for an HSA account.
You are eligible if you’re:
- Covered by an HSA-eligible health plan
- Not covered by other health insurance
- Not enrolled in Medicare
- Not claimed as a dependent on another’s tax return
What are the benefits of an HSA?
- Funds can be used tax and penalty free to pay for IRS-qualified medical expenses*
- Generally, funds can be used by you, your spouse or dependents for IRS-qualified medical expenses even if they are not covered under your health plan*
- Contributions may be tax deductible*
- Earnings may be tax-exempt*
- Money saved carries over from year to year
- After age 65, HSA funds may be used for any purpose without a penalty, taxes may apply*
*Consult with a tax adviser regarding your specific HSA eligibility.