Health Savings Accounts
A Health Savings Account (HSA) is a tax-exempt account established exclusively for paying for reimbursing qualified medical expenses of you, your spouse, and your dependents.
Who is eligible for this account?
- You must be covered under a high-deductible health plan (HDHP);
- You cannot be covered by any other health plan including Medicare; and
- You cannot be claimed as a dependant on another individual’s tax return.
What is an HDHP?
- An HDHP is a plan with an annual deductible no less than the amounts shown below.
|
HDHP Minimum Annual Deductible |
||
|
Tax Year |
Individual |
Family |
|
2009 |
$1,150 |
$2,300 |
Are there other requirements for the HDHP?
|
Maximum Annual Out-of-Pocket Expenses |
||
|
Tax Year |
Individual |
Family |
|
2009 |
$5,800 |
$11,600 |
How much can I contribute to my HSA?
|
Annual Contribution Limits |
||
|
Tax Year |
Individual |
Family |
|
2009 |
$3,000 |
$5,950 |
|
55+ Additional Catch Up Amount |
$1,000 |
|
Visit one of our convenient locations for more details.
