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Health Savings Accounts
HSA Requirements
Health Saving Accounts consist of two parts—first a qualified high deductible health insurance policy with a low premium, and second, a tax deductible investment account owned by you. The high deductible policy must have a calendar year minimum of $1,200 for single policies, and $2,400 for family policies.
Calendar Year Contribution Maximums
The contribution limits change each year based on the Consumer Price Index and a formula employed by the Treasury Department. The new limits for the upcoming year are generally published in June or July. There are three different limits each year.
- The limit for single accounts - where only one person is covered by the health care policy
- The limit for family accounts - where more than one person is covered by the health care policy
- The additional contribution for account holders who attain age 55 by December 31st
Health Savings Account Investments
The investment account is yours and is 100% vested. Contributions made by you are fully tax deductible to you. Any Employer contribution is tax free to you. Investment growth is not taxed while it is in the account. Withdrawals for eligible medical, dental and vision expenses are tax-free. At age 65, contributions cease and the funds in your account may be used for qualified expenses not paid by Medicare: deductibles, co-insurance and even Part B and Part D premiums. Remember, it is “use it or keep it” — balances in Health Savings Accounts rollover from one year to the next.
Our partner in the Account Management of your HSA is HSA Today.
My Source Card brings the ease and convention of a Visa Debit Card to access your funds when paying for Prescriptions, Office Visits, Hospital Stays, or services at any Health Care provider that accepts Debit Cards.
Contact Us At 866-304-5628 For More Information
