What is an HSA?
A tax-advantaged medical savings account for participants in a qualifying high-deductible health plan.
An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. You have to pair an HSA account with a qualified HSA health insurance plan. By using untaxed dollars in a HSA to pay for deductibles, copayments, and coinsurance, you may be able to lower your overall health care costs. HSA funds typically cannot be used to pay premiums.
An Employer and an Employee can contribute to the HSA.
While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may only contribute to an HSA if you have a coordinating qualified High Deductible Health Plan. Typically, these plans only cover preventative health services before the deductible.
For plan year 2022, the minimum deductible for an HDHP is $1,400 for an individual and $2,800 for a family.
For 2022, if you have an HDHP, you can contribute up to $3,650 for self-only coverage and up to $7,300 for family coverage into an HSA.
You own your HSA account and the fund in it. They roll over year to year if you don't spend them.
Elite Legacy can help you create a customized HSA solution that meets the needs of employers and employees.
Elite Legacy offers complete administration and can simplify the process for employers and employees.
We have a streamlined solution that allows employees to receive funds on a protected debit card, check balances and claims, and upload receipts on their online account or mobile app.