Want to understand your HSA-eligible health plan, your HSA savings options or find the best HSA on the market? You are in the right spot. We will get you the HSA education you need with a few quick and concise HSA videos.
Quick HSA Video Reference
HSA-Eligible Health Plans
In order to contribute to an HSA, you must have an HSA-eligible health plan, like a high deductible health plan. You can read more about HSA-eligible health plans, see the details below, or just watch the video to see why you should consider an HSA-eligible health plan.
To be eligible to save in an HSA your health insurance must be considered a “high deductible” plan. In 2019 that means an annual deductible of at least $1,350 for individual coverage and $2,700 for a family plan.
By the way, you don’t need to wait until next year’s open enrollment to open an HSA, you can open one anytime with an HSA-eligible health plan.
What is an HSA? An HSA or Health Savings Account is a personal savings account for health expenses. An HSA is not a health plan but can be used in conjunction with HSA-eligible health plans, like HDHPs, to save tax-free dollars on health expenses.
HSAs allow for tax-deductible contributions, tax-free interest and tax-free withdrawals (for medical expenses). In 2019, individuals can contribute up to $3,500 in tax-free savings and families can contribute $7,000.
Now that we have all of your HSA questions answered (if you need more help, check out our HSA FAQs here). We can help you open an HSA account. It only takes 5 minutes, requires no papers, or forms and is FREE. Opening an HSA enables you to save tax-free money for healthcare expenses for today and years to come. You don’t need to contribute, just establish your HSA to unlock the savings power.
Making sense of your HSA eligibility and options is always easier with visual aids. We will continue to add more HSA videos to this post, so don’t forget to bookmark it before you leave.
If you need more help with health account decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.