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Health Savings Account

A Health Savings Account is a tax favored account set-up to compliment a high deductible health plan. The high deductible plan must meet certain requirements and may not provide benefits (except for certain well care benefits) until the minimum deductible for the plan has been met. An HSA must be established with a qualified trustee or custodian such as a bank or an insurance company.

The contributions to an individual’s HSA can be made by both the employer and the eligible employee. The annual contribution limit can change each year, according to your deductible and inflation. Covered services not paid for by the plan, due to the high deductible, can be funded from the HSA balance. Any unused funds in an individual’s account are the employee’s to retain in his HSA, and can be rolled over to fund future healthcare expenses or retirement.

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