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Health savings accounts: Is an HSA right for you?
How do I find information about medical costs and quality so I can make informed choices?
Are health savings accounts similar to flexible spending accounts?
Content
Why were health savings accounts created?
Is a health savings account right for me?
What are some potential advantages of health savings accounts?
What are some potential disadvantages to health savings accounts?
Who can set up a health savings account?
What is a high-deductible health plan and how does it work?
How much money can I deposit annually into a health savings account?
Can my employer contribute to my health savings account, too?
Are health savings accounts similar to flexible spending accounts (FSAs)?
How do I find information about medical costs and quality so that I can make informed choices?
Can I withdraw money from a health savings account for nonmedical expenses?
How much money can I deposit annually into a health savings account?
The Internal Revenue Service sets the contribution limits for HSAs. In recent years, the limits have been $3,600 for individuals and $7,200 for family coverage.
Once you're enrolled in Medicare, you can't continue making contributions to your HSA. However, in the years leading up to retirement — between ages 55 and 65 — you can make "catch-up" contributions of up to $1,000 over the limits to help pay for medical costs in retirement.
