What is an HSA?Brenda Black

What is an HSA

HealthSavings AccountNo use or lose

A Health Savings plan is a consumer owned, tax advantage savings account.

How much can I contribute to my HSA in 2014? $6550 for family's $3300 for singles For those of you over the age of 55,

you can contribute an additional $1000.

Advantages of an HSA Pre taxed dollars Up to $.35 on the dollar savings Many employers will contribute to your

account It is your account

What can I pay for with my HSA?Qualified Medical Expenses Doctor and hospital visits Medical equipment Vision and dental care Prescriptions

A complete list can be found in the IRS publication 502.

Your HSA account is Yours! You own the account Even if you change employment, move

or retire. The money goes where you go.

You cannot pay for; Anything considered cosmetic If used for a non qualified medical you

will be taxed an penalized Once over the age of 65 you will be

taxed without penalty

Who can get an HSA? You must have a qualifying HDHP( High

Deductible Health Plan) Be over 18 years of age Cannot be enrolled in Medicare Cannot be claimed as a dependent Cannot be enrolled in Tricare Have no other health coverage except

where permitted by the IRS.

Who cannot have an HSA? Anyone enrolled in Tricare or Medicare Anyone that can be claimed as a

dependant

IN Closing Your HSA is yours! Take advantage of the tax savings you

can receive.

This is one small piece of the health care pie.