HSA Contribution Limits and Information

Here are some guidelines to making HSA contributions and contribution limits & Information:

To open an HSA, you first must have a high-deductible health plan (HDHP). Once you have opened your HDHP, you can set up and make deposits into your HSA. Contributions to your HSA account can be made on a pre-tax basis through your employer. If you don't make contribution deposits through your employer, the contribution is post-tax, and you can use it to decrease gross taxable income on the following year's income tax form.

The IRS does place strict HSA contribution limits. Contribution limits vary depending on whether you are setting up a single or family plan.

Click here to view current contribution limits for your health savings account. You can invest the money in an HSA like you'd invest funds in an individual retirement account (IRA). All investments into your HSA are sheltered from taxation. Unlike in an IRA, this money can remain tax-sheltered even after you withdraw it, if it's used for qualified medical expenses.

Before opening your own health savings account, it is important to learn all about how health savings accounts work and how contributions to your HSA work and the tax benefits you acquire from each HSA contribution you make.

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