HEALTH SAVINGS ACCOUNT (HSA)
What is a Health Savings Account (HSA)? It is an interest bearing account created to help you pay medical expenses. The funds in your HSA can be used to help pay your deductible, coinsurance and any qualified medical expenses not covered by your health plan (including dental and vision expenses). All of the money you contribute is tax-deductible when used to pay for qualified medical expenses. An HSA is your account. It goes with you if you change jobs or when you retire.
IRS Annual Maximum HSA Contribution Limits (maximums include employer contributions)
2018
2019
Employee Only
$3,450
$3,500
Family
$6,900
$7,000
Additional $1,000 annually
Additional $1,000 annually
Catch-up Amount for employees 55 years or older
Expenses eligible for reimbursement under your HSA include, but are not limited to:
• • Alcohol and drug dependency treatment • Ambulance • Artificial limbs • Artificial Teeth • Breast reconstruction surgery (mastectomy- related) • Chiropractic services • Contact lenses and solution • Dental expenses (exams, cleanings, X-rays, root canals bridges, etc.) • Diagnostic devices (blood sugar test kits for diabetics) • Diagnostic fees • Doctor fees • Prescription Drugs and Over the Counter Drugs (when ordered by a doctor) • Eyeglasses and exams • Eye surgery (laser eye surgery or radial keratotomy) • Acupuncture
Fertility enhancements
• Hearing aids and batteries for use • Hospital fees • Laboratory fees • Long-term care (medical expenses and premiums) • Maternity Expenses • Nursing home • Organ transplants • Physical and speech therapies • Psychiatric care • Smoking-cessation programs and products • Surgical fees • Vasectomy • Weight-loss program (to treat a specific disease diagnosed by a physician) • Wheelchairs • X-rays
• Expenses reimbursed by an insurance provider or a Flexible Spending Account • Babysitting or child care services • Cosmetic Surgery/ Procedures • Diaper Services • Electrolysis or hair removal • Funeral Expenses • Health club dues • Insurance Premiums (except COBRA and for those 65+ other than Medigap coverage) • Nutritional supplements • Personal use items (such as toothbrush, toothpaste) • Teeth whitening Expenses that are not eligible for reimbursement include, but are not limited to:
5
Made with FlippingBook - professional solution for displaying marketing and sales documents online