HSAs give you two valuable money-saving options. First, you can lower your medical
insurance costs with the program's special high-deductible health insurance plans. Secondly,
you'll save money on your taxes because contributions to your HSA are tax-deductible
and all money in your HSA grows tax-deferred.
Contributions to your HSA are based on the amount of your medical plan's deductible and the effective date of your policy.
You can contribute up to 100% of your deductible amount into your HSA each year. That
means an individual can contribute up to $2,700 and a family can contribute up to $5,450.
Here are two examples:
Dr. John Smith has opened an HSA program for just himself effective January 1st. He chose a $2,700 deductible
for his individual high-deductible health insurance plan. This year, he contributed the full $2,700 allowed to
his HSA (100% of Dr. Smith's individual plan deductible). Dr. Smith's tax deduction would
be $2,700 (plus health
insurance premiums if Dr. Smith owns the practice).
Dr. Amy Miller has protected her entire family of four through an HSA program. She
selected a $5,000 deductible for her high-deductible health insurance plan. This year, she contributed
$5,000 to her HSA account (100% of Dr. Miller's family plan deductible). Her tax
deduction will be $5,000 (plus health insurance premiums if Dr. Miller
owns the practice).*
Individual
HSA Coverage
Minimum Plan Deductible
Deductible must be at least $1,050
Maximum HSA Contribution
Each Year
100% of your deductible
(Up to $2,700, whichever amount is less.)*
|
Family
HSA Coverage
Minimum Plan Deductible
Deductible must be at least $2,100. No benefits may be payable from the plan
until the family deductible is met.
Maximum HSA Contribution
Each Year
100% of your deductible
(Up to $5,450, whichever amount is less.)*
|
* HSA contributions are prorated for the number of months that the qualified high-deductible health plan
(HDHP) is in force as of the 1st of the month.
Please consult with your tax adviser for specific advice.
|
|