Washington Dentists' Insurance Agency

Health Savings Account (HSA)

· The account owner can fund the account with pre-tax dollars. Any after-tax contributions that you make to your HSA are tax deductible.
 
· Money from the account can be used for "qualified" medical expenses as well as deductibles, co-insurance, prescriptions, vision and dental care.
 
· Funds roll over and accumulate year after year if not spent, earning tax-free interest. There is no “use it or lose it.”
 
· To open an HSA, you must be on an actual individual or group HSA plan. Just having a high-deductible plan does not qualify you to open an HSA account. HSA plans can be individual plans or group medical plans.
 
· After age 65, funds can be withdrawn for any purpose without penalty.

For 2018, the maximum contribution limits are:
    Individual= $3,450
    Family= $6,900
    If you are over 55, you may add an additional
    “catch-up” = $1,000

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