IRS ALERT CONCERNING YOUR HSA!

Now that I have your attention, are you aware of your HSA limits ? Review your paycheck and your deductions. You may not be taking advantage of the maximum HSA contribution for 2018 . The maximum contribution limit if you are single is $3,450 and the maximum contribution limit for family is $6,900. Also, remember that if you are 55+ you are allowed an additional “catch up” contribution of $1,000. See this chart.

A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses.When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can’t duplicate with an HSA. You are paying for medical expenses with before tax dollars instead of after tax dollars. Who doesn’t want to save tax dollars ?!Important Note : If funds are not used, they roll over and will be accessible year after year. There’s no “use it or lose it” penalty.

You can pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren’t typically covered by health insurance plans.This includes deductibles, co-insurance, prescriptions, dental and vision care, and more. For a complete list of IRS-qualified medical expenses visit irs.gov or view a list of qualifying expenses. 

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