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In the attempt to provide Americans with more affordable health insurance options, the idea of the Health Savings Account (HSA) arose. An HSA is designed to replace high cost, low deductible health insurance policies that may be out of the reach of many Americans.

HSA’s consist of two elements:

  1. A high-deductible health plan or HDHP. This is a specific type of health insurance policy issued by an insurance company to meet government specifications.
  2. A Health Savings Account, which is a tax qualified savings account devoted solely to health expenses.

The monies for the HSA are deposited pre-tax and may be withdrawn tax-free for medical care including deductibles, vision and dental care, medications and medical supplies. Monies in the account not used for medical expenses each year continue to accumulate with tax-free interest and ultimately can be used for retirement medical expenses. The monies may be used to supplement retirement income but will be taxed when withdrawn if not used for medical expenses.

The Internal Revenue Service (IRS) determines the HSA contribution limits on an annual basis. An accountholder is able to contribute to the HSA up to the IRS contribution limit. The limits for 2011 are listed below. An additional catch-up contribution is available to individuals over the age of 55 who are not enrolled in Medicare.

                        2015 Health Savings Account Contribution Limits

                                        Single        $3,350
                                        Family       $6,650
                                        Catch Up   $1,000

High deductible insurance policies typically cost less and the money saved can be put into the HSA account for deductibles and medical expenses.

Click here  for a list of qualified medical expenses.

There are a variety of products available and many different ways they may be implemented. We will assist you in determining if these products might be right for you and your family.

HSA's are not provided by Guardian.