Who can contribute to a Health Savings Account?
You can participate in a tax-advantaged Health Savings Account and cover qualified, out-of-pocket medical expenses if you are enrolled in a qualifying High-Deductible Health Plan. You, your employer and even family members are allowed to contribute to your HSA, but combined contributions cannot exceed the allowed IRS maximum per year as outlined below.
Maximum HSA Contributions:
In 2013: $3,250 for an individual; $6,450 if participating in the HDHP as family
In 2014: $3,300 for an individual; $6,550 if participating in the HDHP as family
If you’re 55 or older, you may contribute an additional $1,000.
You can use your HSA for qualified medical costs such as over-the-counter products and out-of-pocket costs toward health services including co-pays, co-insurance and deductibles. Shop for FSA-eligible items at FSAstore.com!