How an HSA can benefit you and your wallet
Whether you are a Health Savings Account (HSA) noob or a seasoned account holder, brush up on best practices for using your account.
Just the basics
An HSA is a short-term or long-term tax-free saving for eligible out-of-pocket health care expenses. The account belongs to you and grows year over year. You maintain ownership, even if you leave the company. HSA money is yours to keep and spend on eligible health care expenses.
Translation: Create a rainy day fund for future costs.
<Company name> contributes $XXX for individual or $X,XXX for family
It's like free money...duh!
How much can I contribute each year?
- $3,050 for individual (total increasing to $3,100 in 2021)
- $6,100 for family (total increasing to $6,200 in 2021)
- Age 55+ can contribute an extra $1,000
