Health Savings Account
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.
You are eligible for a regular HSA contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP) on the first day of such month;
- Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage);
- Are not enrolled in Medicare; and
- Cannot be claimed as a dependent on another individual’s tax return.
An HDHP (High-Deductible Health Plan) is a plan with an annual deductible and out-of-pocket expenses that cannot be less than certain limits.
Contact one of our IRA/HSA Representatives for further details.