Health Savings Account Series

Rules for Having a Health Savings Account (HSA)

  • A health savings account (HSA) lets you set aside pretax income to cover health care costs that your insurance doesn't pay.

  • You can contribute to an HSA only if you have a high-deductible health plan (HDHP) and aren't enrolled in Medicare.

  • For 2019, the maximum contribution amounts are $3,500 for individuals and $7,000 for family coverage. If you're 55 or older, you can add up to $1,000 more as a "catch-up" contribution.

  • HSAs have no use-it-or-lose-it provision. Any funds still in the plan at the end of the year can be rolled over indefinitely. 

Danielle LaFace