Open a Health Savings Account (HSA) to save for medical expenses, feel more secure, and get tax benefits. Plus, build savings for future qualified medical and retiree health expenses. With a Health Savings Account you can access your funds on a regular basis.
To qualify for this account, you must be enrolled in a high-deductible health plan (HDHP) and have no other first-dollar medical coverage. If you are enrolled in Medicare or can be claimed as a dependent on another person’s tax return, you are not eligible for this account.
For the tax year 2019, if your health-plan deductible is at least $1,350 for single coverage or $2,700 for families, you may be eligible. We have no "use it or lose it" requirements, and funds accumulate each year.
Even better, contributions can be tax-deductible up to $3,500 for singles and $7,000 for families. (Over 55 years old: $4,500 single and $8,000 family.)
The deadline to make contributions to an HSA for the 2019 tax year is April 15, 2020.