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. Only employees enrolled in the High Deductible Health Plan (HDHP) are eligible to contribute to a Health Savings Account.
2017 IRS ANNUAL MAXIMUM HSA CONTRIBUTION LIMITS Employee Only $ --.--
Family
$ --.--
Catch-up amount for employees 55 years or older
Additional $ --.-- annually
Health Savings Account – Eligible Expenses
• 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 a 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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BENEFITS AT A GLANCE
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