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Health Savings Account (HSA)             All About HSA’s   (Source: US Treasury Dept)



A Health Savings Account (HSA) combines a tax-deferred savings account and a high deductible health insurance policy (HDHP) which is considered ‘Qualified’ by the IRS. The savings account is similar to an IRA which may accumulate interest and is owned by the employee of the sponsoring organization.  The high deductible health insurance policy is subject to minimum and maximum deductibles that are set by the IRS for the given year (see the table below for the year 2010).  


The savings account can be used to pay for medical, dental, prescription drugs, vision as well as other IRS qualified medical expenses (see the IRS list of qualified medical expenses).



Health Savings Account (HSA) Advantages:   










            

HSA Contributions:


     * Annual deductible Limit - Contributions towards the allowable annual HSA allotment are 100 % tax deductible.


The maximum contribution that can be made to an HSA in 2013 for employees with single coverage will be $3,250 and the maximum HSA contribution for those with family coverage will rise to $6,450. (see table below):   














2015 HSA Limits (source: IRS.gov)

Source:  U. S. Department of the Treasury

Year 2016

Minimum
Deductible

Maximum
Out-of-Pocket

Contribution Limit

55+ Catch-Up Contribution

Single

$ 1,300

$ 6,550

$ 3,350

$ 1,000

Family

$ 2,600

$ 13,100

$ 6,750

$ 1,000

Employer Resources


Understanding Your Fiduciary Responsibilities Under A Group Health Plan by DOL.gov


Employer Requirements

CHIPRA

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Employee Benefits Compliance Articles & Links

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