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Health

Health Savings Accounts (HSAs) are tax-exempt accounts where funds grow to pay for medical expenses. They were created to help give control back to consumers and lower healthcare costs. HSAs provide a financial incentive for consumers to select a High Deductible Health Plan (HDHP). HDHPs have lower monthly premiums than traditional plans. The HSA/HDHP combination provides consumers with more incentive to shop carefully for healthcare services.

An HSA is your Account. If you switch jobs, the HSA goes with you. Your money rolls over every year. There is no “use it or lose it” requirement.

IRS Requirements for 2011

  Single Plan Family Plan
Minimum Deductible $1,200.00 $2,400.00
Maximum Out-of-Pocket $5,950.00 $11,900.00
Maximum Contribution Limit $3,050.00 $6.150.00
Catch-up Contribution (age 55+) $1,000.00 $1,000.00

Contact your insurance carrier to verify your HDHP qualifies for an HSA.

Contributions When you have a qualifying HDHP, the following contribution guidelines apply.

  • Anyone can contribute to your HSA.
  • Your contributions are tax deductible.
  • If your employer contributes to your HSA, that contribution is done
    on a pre-tax basis.
  • Any pay-roll deductions made through Section 125 for your HSA are
    also on a pre-tax basis.

For 2011, you may contribute a maximum of $3,050 for an individual and $6,150 for a family Tax Advantages of a Health Savings Account Federally Qualified HSA plans are tax-deductible, tax-deferred, and tax-free.

  • Tax-deductible: Contributions to your HSA can be deducted from
    your gross income.
  • Pre-tax: Contributions made to your HSA through payroll
    deductions.
  • Tax-deferred: Your HSA money grows without being taxed.
  • Tax-free: You can use your HSA money tax free for eligible medical
    expenses.

Over the life of your HSA, you can save thousands of dollars in taxes.

Eligible HSA Medical Expenses

In 2011, your Health Savings Account (HSA) may no longer be used for over-the-counter drugs, unless they are prescribed by your doctor.

Click here for a complete list of eligible medical expenses.

  • abdominal supports
  • acupuncture
  • air conditioner (relief allergy/breathing problems)
  • alcoholism treatment
  • ambulance
  • anesthetist
  • arch supports
  • artificial limbs
  • autoette (used for relief of sickness/disability)
  • blood tests
  • blood transfusions
  • braces
  • cardiographs
  • chiropractor
  • Christian Science Practitioner
  • contact lenses
  • convalescent home (medical treatment only)
  • crutches
  • dental treatment
  • dental x-rays
  • dentures
  • dermatologist
  • diagnostic fees
  • diathermy
  • drug addiction therapy
  • drugs (prescription)
  • elastic hosiery (prescription)
  • eyeglasses
  • fees paid to doctor prescribed health institute
  • FICA and FUTA tax paid for medical care service
  • fluoridation unit
  • guide dog
  • gum treatment
  • gynecologist
  • healing services
  • hearing aids and batteries
  • hospital bills
  • hydrotherapy
  • insulin treatments
  • lab tests
  • lead paint removal
  • legal fees (to authorize treatment for mental illness)
  • lodging (away from home outpatient care)
  • metabolism tests
  • neurologist
  • nursing (including board and meals)
  • obstetrician
  • operating room costs
  • ophthalmologist
  • optician
  • optometrist
  • oral surgery
  • organ transplant (including donor’s expenses)
  • orthopedic shoes
  • orthopedist
  • osteopath
  • over the counter drugs
  • oxygen and oxygen equipment
  • pediatrician
  • physician
  • physiotherapist
  • podiatrist
  • postnatal treatments
  • practical nurse for medical services
  • prenatal care
  • prescription medicines
  • psychiatrist
  • psychoanalyst
  • psychologist
  • psychotherapy
  • radium therapy
  • registered nurse
  • special school costs for the handicapped
  • spinal fluid test
  • splints
  • sterilization
  • surgeon
  • telephone or TV equipment to assist
  • the hard of hearing
  • therapy equipment
  • transportation expenses (relative to
  • health care)
  • ultraviolet ray treatment
  • vaccines
  • vasectomy
  • vitamins (if prescribed)
  • wheelchair
  • x-rays

Federally Qualified HSA:

To have a Federally Qualified HSA, you must purchase and maintain a high-deductible insurance policy and you cannot be covered by another low-deductible insurance policy.

Please note the conditions of your plan: We strongly recommend that you always comply with the conditions of your plan, including pre-certification requirements.