A Health Savings Account (HSA) is a tax-advantaged medical savings account available to you if you enroll in a high deductible health plan (HDHP) through [cb:userfield field="cb_companyshortname" /]. Funds contributed to an HSA are not subject to federal income tax at the time of deposit and can also be used to pay for qualified medical expenses tax-free.
Did You Know?
- Unlike a Flexible Spending Account (FSA), HSA funds roll over and accumulate year-to-year if not spent
- You may contribute up to $3,350 to your account as an individual, or up to $6,750 for a family plan
- People over 55 years of age can put aside an additional $1,000 per year as a "catch up" contribution.