by admin | Sep 14, 2022 | Blog
Health Savings Account (HSA) participants can use their HSA funds to pay for qualified health care expenses such as deductibles and prescription drugs. What many don’t know is that HSA funds can also cover these commonly used products and services:
- Dental treatment
- Pregnancy test kits
- Orthodontia
- Hearing aids and batteries
- Ambulance services
- Contraceptives
- Insulin
- Prescription eyeglasses
- Nursing services
- Physical therapy
To learn even more about HSA-eligible items, check out our extensive list.
by admin | Jun 13, 2022 | Blog
1. Can I combine my HSA with an FSA?
No. An employer doesn’t own an employees’ HSA, nor are they responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited.
2. Are employers responsible for an employee’s HSA?
No. An employer doesn’t own an employees’ HSA, nor are they responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited.
3. Can an employer fund an employee’s HSA?
Yes. An employer may fully fund the employee’s HSA at the beginning of the year; however, HSAs belong to the individual and not the employer and the employer has no further control over the accounts after they have been funded. As a result, many employers elect to fund employees HSAs periodically throughout the year. If the employer is contributing, the employer and employee contributions combined may not exceed the annual IRS maximum.
4. Who is eligible to enroll in an HSA?
To be eligible, you must be covered under a Qualified High-Deductible Health Plan (QHDHP), cannot be enrolled in Medicare, and cannot be claimed as a dependent on someone else’s tax return.
5. How much can I contribute to an HSA and HDHP?
This is all based on the annual contribution limits established by the U.S. Treasury Department. These limits adjust annually, however the values for 2022 are as followed:
- HSA
- $3,650 for individuals
- $7,300 for family
- For account holders over 55 years of age, they may contribute an additional $1,000 as “catch-up”
- HDHP
- $1,400 for individuals
- $2,800 for family
- HDHP Maximum Out-of-Pocket
- $7,050 for individuals
- $14,100 for family
