Health Savings Account
A health savings account (HSA) gives you great tax advantages. If you choose, you can put money into your health savings account through payroll deduction pre-tax.
Withdrawals taken out of your health savings account to be used for qualified medical expenses, including dental and vision, are never taxed. Search for what is considered qualifying and non-qualifying expenses here. https://healthequity.com/qme
Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
Unlike Flexible Spending Accounts, HSA’s are not use it or lose it accounts. Any unused funds that are not used at the end of each year roll over to the next year.
Maximum contribution amounts for 2022 are $3,650 for employee only and $7,300 for families. The annual “catch- up” contribution amount for individuals age 55 or older will remain $1,000.
The bank that currently manages our health savings account is Health Equity.