Health Savings Account deductibles have increased for consumers who own or intend to purchase a HSA compatible health insurance policy. A Single or individual policy owner may contribute up to $2,900 this year while a family policy holder can contribute up to $5,800. Click here to learn more about HSA plans.
The increased contribution amounts can be used as a tax deduction in the year they are contributed. The deposit will grow tax deferred and can be withdrawn tax free for a qualified medical expense.
Qualified medical expenses are large in scope and can include payments used to meet the deductible, co-insurance amounts, prescriptions, doctor’s office visits, etc. Unspent dollars rollover from year to year and are always owned and managed by the insured.
If you need a health insurance quote or would like more information on health savings accounts, contact us today.