Health Savings Accounts
HSA contributions grow tax-free in your account as long as you wish and can be used to pay for qualified medical expenses at any time.
- Tax-Free Contributions
- Direct Deposit/Payroll Deduction Options
- Free HSA Debit Card & Checks
- HSA CD Investment Options
- No Maintenance Fees
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- Are covered by a High Deductible Health Plan (HDHP) ($1,500.00 Individual plan or $3,000.00 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 2023 Tax Year
These amounts include any funds your employer may give you.
- Single Coverage HDHP: $3,850.00
- Family Coverage HDHP: $7,750.00
- 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.
- 1099-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.
- Qualified vs Non-Qualified Expenses: IRS Publication 502
- HSA Rules and Regulations: IRS Publication 969