Health Savings Accounts

A Health Savings Account is a tax-exempt account established to pay for qualified medical expenses in conjunction with a high deductible health plan (HDHP).

Who can have a HSA?

Any adult can contribute to an HSA if you have coverage under a HSA-qualified HDHP. 2009’s single deductible is $1,150.00 and the maximum out of pocket is $5,800. Family coverage for 2009 is a deductible of $2,300.00 and the maximum out of pocket is $11,600.00. These amounts can change every year.

You can not generally be covered by other health plans (other types of insurance like specific injury insurance, accident, disability, dental care, vision care insurance are permitted). If you are unsure if you are eligible for a HSA, check with your HR Department.

You can not be enrolled in Medicare or receive Veterans Administration Medical benefits in the previous three months.

You can not be claimed as a dependent on someone else’s tax return.

HSA Contributions

Contributions can be made by you, your employer or both. However, the total contributions are limited annually and the amounts can change every year. If you make a contribution, you can deduct that amount when completing your federal income tax return.

Using your HSA

You can use the money to pay for any qualified medical expenses permitted under federal tax law. This includes most medical care and services, dental and vision care, and over the counter drugs such as aspirin. You can use the money in the account to pay for medical expenses for yourself, your spouse or your children.

FSCU now has HSA’s available - please contact us for more information.