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Health Savings Account

January 16, 2018 by HomeTown

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.

Filed Under: HomeTown Blog

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