Health Savings Accounts
You Can Be in Control of Your Health Spending
A Health Savings Account1 (HSA) can help you plan ahead for a variety of medical-related expenses. You're in control: You decide how to spend your money on your and your family's health care needs.
An HSA is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in an HSA-qualified high deductible health plan (HDHP) (with limited exceptions) and is intended to offer a more affordable approach to health care. Confirm with your health insurance company that you have an HSA-qualified HDHP.
High Deductible Health Plan (HDHP)
A health insurance plan with a minimum deductible of $1,300 (self) or $2,600 (family) for both 2016 and 2017. In addition, the annual out-of-pocket costs, including deductibles and co-pays, cannot exceed $6,550 (self) or $13,100 (family) for both 2016 and 2017. These amounts are adjusted annually to allow for cost-of-living adjustments.
A health savings account (HSA) must be paired with a qualified high deductible health plan (HDHP).
- Premiums for high deductible health plans are generally lower than for typical health care plans.
- Lower insurance premiums, combined with the use of tax-free money, can lead to significant savings.
- No "use it or lose it" rules; contributions and earnings remain in your account from year to year.
- Account ownership. The account belongs to you – not a company or employer.