What is a Health Savings Account (HSA)?
It saves you money. This account offers a tax-free way to save for any type of qualified medical expenses. You or someone else, like a family member or employer, can contribute up to the annual limits allowed. HSA’s are a great way to pay for current health expenses and save for future qualified medical expenses on a tax-free basis.
How can I get an HSA?
To qualify, you must have coverage under an HSA-qualified (high-deductible) health plan.
What can I use it for?
Any qualified medical expense. That means you can use the money not only for doctor’s appointments and prescriptions, but also for over-the-counter expenses, such as aspirin. As long as the HSA is used for legitimate medical expenses, you can spend it tax-free. Use these funds to pay for qualified medical expenses for you, your spouse or dependent children.
Where can I learn more?
Please contact us and we’ll be more than happy to answer your questions, or you can log on to https://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx for more information.
Please consult your tax professional for eligibility.