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Health Savings Account Month

Apr 04, 2016 03:21PM ● Published by Colleen Callahan

Colleen Callahan

April is one of the most expensive months of the year!  It is income tax month, property tax month, and ROTH IRA month, and it is also the time to make sure you have contributed all you can to your Health Savings Account (HSA). Those of us with HSA compatible health insurance plans can deposit funds into a separate account and use those funds to pay for medical expenses. Since they are tax-advantaged and balances can accumulate over time, HSAs can also be used to accumulate savings. There is no “use it or lose it” issue; once the money is in the account it is yours to keep or spend on allowable medical expenses.

If you have an HSA and will be turning 65 this year, be careful. Individuals age 65 and older are eligible to open and contribute to an HSA as long as they have not elected Medicare Parts A, B, C or D.  It is tricky.  Remember, when turning 65 a person is eligible to enroll in Part A the first of the month they turn 65. Part B normally requires that you enroll.

Each year the IRS changes the maximum annual contribution for HSA plans. For 2015 the maximum was $3,350 for individuals and $6,650 for families. Catch-up contributions of up to $1,000 can be made by individuals 55 and over.

HSA funds can be used to pay for a variety of healthcare services, including many that are not traditionally allowed under other plans, such as dental and vision care services, long term care insurance premiums and medical insurance premiums during periods of unemployment. Make sure you tell your tax professional if you if you are contributing to your HSA.

Colleen Callahan, CLU, CASL, LUTCF


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