Learn More About Health Savings Accounts (HSAs)

A HSA is a special tax-preferred trust or custodial account established under Internal Revenue Code Section 223 that is used to pay for eligible medical expenses. HSAs work with a specially designed, high-deductible health plan (HDHP). The combination of a HDHP and a HSA gives you effective and affordable health care coverage.

A HSA is a special tax-preferred trust or custodial account established under Internal Revenue Code Section 223 that is used to pay for eligible medical expenses.  HSAs work with a specially designed, high-deductible health plan (HDHP). The combination of a HDHP and a HSA gives you effective and affordable health care coverage.

Benefits of an HSA

HSA Eligibility

You are eligible to contribute to an HSA if you meet these criteria:

Criteria of a HDHP in 2015

Who Can Contribute to a HSA?

2015 Annual Maximum HSA Contribution Limits

Contribution information can be found on the U.S. Department of Treasury website.

Examples of Eligible Medical Expenses That Can be Reimbursed from a HSA:

Reporting Distributions on Your Income Tax Return

Recordkeeping

You must maintain records with your tax return to support:

HSA information in this article is not intended as legal or tax advice. HSAs are authorized by federal legislation.

For more information or guidance, give Resourcing Edge a call at 214-771-4411.