HSA Basics

      Health Savings Accounts Consist of Two Components:

Health Insurance Plan with:

      A minimum Single Deductible of $1,600

      A minimum Family Deductible of $3,200

It cannot have pre-deductible co-pays for any services. Charges for hospital, surgery, lab, x-ray, diagnostic, office visits and RX are applied to the plan deductible and then typically paid for at 100% after the deductible is met.

Interest Bearing Checking Account 

Tax deductible deposits can be made by you and your employer each calendar year. See maximums below.

2024

$4,150 for single coverage

$8,300 for family coverage

2025

$4,300 for single coverage

$8,550 for family coverage 

 Individuals age 55 and over can make catch up contributions of an additional $1000 per year. 

These dollars can be used to pays for medical expenses applied to the plan deductible and are not taxable when used for this purpose. See IRS Publication 969 for a complete list of HSA eligible expenses.

Money can be withdrawn from the account by writing a check or using the debit card. 

Unused dollars simply rollover at year’s end and additional deposits of up to the plan deductible can be made each year. There is no maximum account balance. 

An HSA checking account can be established at most banks.