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What is an HSA?

A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses.

  • Tax-deductible
    Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
  • Tax-free
    Withdrawals to pay qualified medical expenses are never taxed.
  • Tax-deferred
    Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.

HSA money is yours to keep

Unlike a flexible spending account (FSA), unused money in your HSA isn’t forfeited at the end of the year; it continues to grow, tax-deferred.

2015 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses

2015 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):

  • HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) - and these contributions are 100% tax deductible from gross income.
  • Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage.
  • Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,350 for self-only coverage and $12,700 for family coverage.

 

Minimum Deductible

Maximum Out-of- Pocket

Contribution Limit

55+ Contribution

Single 

$1,300

$6,450

$3,350

$1,000

Family

$2,600

$12,900

$6,650

$1,000

For more detailed information on HSA plans and taxes, visit the U.S. Department of Treasury website at www.ustreas.gov or www.hsacenter.com or talk with your tax advisor.