Health Savings Accounts (HSAs)
A HealthEquity HSA is a triple tax-advantaged savings and spending account that can be used to pay for qualified health care expenses. An HSA is even referred to as a health care 401[k] because of its tax benefits now and in the future.
There are two components to an HSA-based health coverage plan:
- An HSA-qualified health plan is the insurance component that provides medical coverage for you and your family. This is a health plan with minimum deductible of $1,250 for individuals and $2,500 for family coverage in 2013 and 2014. Maximum out-of-pocket limits are also set for 2013: $6,250 for individuals and $12,500 for families. In 2014 maximum out-of-pocket increases to $6,350 for individuals and $12,700 for families.
These HSA-qualified plans may have a deductible that is higher than a traditional health insurance plan, but do offer multiple benefits that usually include significantly lower premiums, and the triple tax advantages of an HSA.
- An HSA established with HealthEquity to begin Building Health SavingsSM.
An HSA can be funded by pre-tax payroll contributions from you, your employer, or both. Maximum contribution limits for HSAs are set by the IRS each year and have traditionally increased each year with inflation. The maximum contribution for individual coverage is $3,250 for 2013, and increase to $3,300 for 2014. The maximum contribution for family coverage is $6,450 in 2013, and increase to $6,550 for 2014.
Visit the Document Library in the Education Center to learn more.
Rely on HealthEquity, the HSA experts, to provide up-to-date answers to your questions.
To be eligible to open a Health Savings Account (HSA), an individual must be covered by an HSA-qualified health plan and must not be covered by other health insurance that is not a qualified plan.
The Health Savings Account Contribution Calculator helps you determine your HSA contribution strategy.
HealthEquity health savings account (HSA) balances are FDIC-insured and interest-bearing, providing our members security-while Building Health Savings℠.
Offering employees an HSA can help employers control health care costs. Employees may only see the higher deductible that comes with an HSA-qualified plan rather than the potential savings opportunities for them. Now, employers can give employees one more reason to consider enrolling in their HSA-qualified health plan—include HealthEquity's HSA Balance Protection with the employee's HSA. It gives employees and their eligible dependents an added benefit if they have a hospital stay due to an accident.