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 |
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Tax Year |
Individual |
Family |
2007 |
$1,100 |
$2,200 |
2008 and later |
Subject to COLAs* |
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Are there other requirements for the HDHP?
Maximum Annual Out-of-Pocket Expenses |
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Tax Year |
Individual |
Family |
2007 |
$5,500 |
$11,000 |
2008 and later |
Subject to COLAs* |
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How much can I contribute to my HSA?
Annual Contribution Limits |
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Tax Year |
Individual |
Family |
2007 |
$2,850 |
$5,560 |
2008 and later |
Subject to COLAs* |
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