Health Savings Account
A tax-exempt1 account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.
- If you are eligible, you can establish an HSA in much the same way you would an IRA.
- Each year, you are responsible for determining your allowable annual HSA contribution.
- 2020 Contribution Limits – $3,550 Self-Only, $7,100 Family.
- 2021 Contribution Limits – $3,600 Self-Only, $7,200 Family.
- $1,000 additional catch-up for eligible individuals age 55 or older by the end of the year and have not enrolled in Medicare.
- Access your funds with special HSA Debit Card.
1Consult a tax professional for tax advice.