What is an HSA? Brenda Black

What is an HSA Health Savings Account  No 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.