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. HSA Bank is our designated bank and employees are required to open a new account. Please contact Human Resources for the application. Your Total Annual Employee Election along with contributions from any other sources, including your employer, may not exceed the Annual Maximum Contribution amount set by the IRS. Contribution limits for the current tax year can be found below, at www.hsabank.com , or by visiting the IRS site at www.irs.gov. Additionally, investment accounts are not FDIC insured, may lose value and are not a deposit or other obligation of, or guarantee by the bank.
2017 IRS Annual Maximum HSA Contribution Limits
Employee Only
$3,400 $6,750
Family
Catch-up Amount for employees 55 years or older
Additional $1,000 annually
Health Savings Account – Eligible Expenses (partial list) • Acupuncture • Alcohol and drug dependency treatment • Ambulance • Artificial limbs • Breast reconstruction surgery (mastectomy-related) • Dental expenses (exams, cleanings, X-rays, root canals bridges, etc.) • Diagnostic fees • Doctor fees (including Chiropractic services) • Drugs - prescription and over the counter (when ordered by physician) • Eyeglasses and exams, contact lenses & solutions, laser surgery • Fertility enhancements • Hearing aids and batteries • Hospital and Laboratory fees • Long-term care (medical expenses and premiums) • Nursing home • Physical and speech therapies • Psychiatric care • Smoking-cessation programs and products • Vasectomy • Weight-loss program (to treat a specific disease diagnosed by a physician)
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