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)
2020
Employee Only
$3,550
Family
$7,100
Catch-up Amount for employees 55 years or older
Additional $1,000 annually
Mezrah’s Tax-Free HSA Contribution
SINGLE COVERAGE
FAMILY COVERAGE
$500
$500
Annual amount*
* Employer contributions: amount and frequency deposited to your Health Savings Account will be determined by Mezrah Consulting and will not exceed the plan year contribution amount.
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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