In 2023, there are main will increase to the HSA or Well being Financial savings Account contribution limits. An HSA or Well being Financial savings Account is a tax-advantaged funding account that may be withdrawn from for certified medical bills tax-free. The funds you deposit into an HSA could be invested very similar to an IRA into equities, bonds, and different investments. HSAs are oftentimes described as “Medical IRAs” because of their tax benefits and funding choices. Please take into account that in the event you use your HSA funds for non-qualified medical bills, the IRS will impose a 20% withdrawal penalty on high of your relevant revenue tax.
To be eligible to arrange and fund an HSA, you have to be enrolled in a Excessive Deductible Well being Plan or HDHP plan. You possibly can determine a medical health insurance plan as HSA appropriate just by seeing if there’s “HDHP” within the identify of the plan equivalent to Bronze 60 HDHP PPO. Whereas the Bronze 60 HDHP PPO is appropriate with an HSA, the Bronze 60 PPO is NOT appropriate with an HSA.
|HSA Contribution restrict
(employer + worker)
|Self: + $200
Household: + $450
|HSA catch up contributions
(age 55 or older)
|HDHP minimal deductibles||Self: $1,400
|Self: + $100
Household: + $200
|HDHP most out-of-pocket
(deductibles, co-payments & all besides premiums)
You probably have any questions on your eligibility for an HSA and whether it is best for you, please contact us at 310-909-6135 or at firstname.lastname@example.org for us to higher help you. At Strong Well being Insurance coverage Companies, we attempt to assist our shoppers discover the appropriate well being, dental, imaginative and prescient, life, and long-term care insurance coverage which most closely fits their funds and medical wants.