- Are covered by a High Deductible Health Plan (HDHP) ($1,350.00 Individual plan or $2,700.00 Family plan)
- Are not covered by any other health plans or enrolled in Medicare
- Have not received VA medical benefits in the last 3 months
- Are not claimed as a dependent on another individual’s federal income tax return
- Must keep all medical expense receipts in the case of an IRA audit
Contribution Limits for 2020 Tax Year
These amounts include any funds your employer may give you.
- Single Coverage HDHP: $3,550.00
- Family Coverage HDHP: $7,100.00
- Over age 55 may make “catch-up” contributions of an additional $1,000.00
HSA Tax Forms
You will be provided with two forms for tax reporting purposes.
- 1098-SA: Delivered end of January or first week of February and shows total amount of distributions.
- 5498-SA: Delivered end of April or first week of May and shows total amount of contributions.