HSA

Health Savings Accounts allow employees to set aside a portion of their paychecks (before taxes) into an "IRA-like" custodial account to pay expenses not covered by another health plan. To contribute to an HSA, the employee must also be covered by an IRS qualified high deductible health plan. Employers may contribute to employees' HSAs. Unlike FSAs, unused funds can be carried forward to the future. HSAs are also portable and can be taken to a new employer or used at retirement.

Forms

HSA Bank

(click above for HSA Bank's website)


What is a Health Savings Account (HSA)?


5 Reasons to Open a Health Savings Account (HSA)


HSA HealthEquity

(click above for Health Equity's website)

 

Health Savings Account (HSA) –
Minimum deductible amounts for the qualifying high-deductible health plan (HDHP)
2020 2021

Individual coverage

$1,400

$1,400

Family coverage

$2,800

$2,800

Maximum contribution levels

Individual coverage

$3,550

$3,600

Family coverage

$7,100

$7,200

Catch up contribution allowed for those 55 and over

$1,000

$1,000

Maximums for HDHP out-of-pocket expenses

Individual coverage

$6,900

$7,000

Family Coverage

$13,800

$14,000



HSA Store Introduction

IRS Notices

IRS Notice 2015-87, released December 16, 2015, discusses issues associated with determining the affordability of coverage offered by employers, government entity reporting, and how VA benefits integrate with Health Savings Accounts (HSAs). This is the first of three Compliance Alerts we will issue to address the various topics covered by the Notice.




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