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Health savings accounts: Is an HSA right for you?
How much money can you deposit annually into a health savings account?
The Internal Revenue Service decides how much you can contribute each year. A good source of the most up-to-date information on those amounts is the Department of the Treasury's Web site. In recent years, the contribution limits have been about $3,000 for individuals and about $6,000 for family coverage. The limits are indexed for inflation and usually change each year. Unspent money in your HSA can be rolled over each year.
Can my employer contribute to my health savings account, too?
Yes. But the total of your employer's contribution plus your contribution still must be within contribution limits.
Are health savings accounts similar to flexible spending accounts?
Yes, but one key difference is, unlike a flexible spending account, with an HSA you can keep (roll over) any unspent money each year. Also, you can't take money from an employer-sponsored flexible account with you if you quit or take a different job. Money put into an HSA is yours and can be taken with you if you switch jobs or retire. Also, it's important to know that in most cases you can't have both an HSA and a flexible spending account.
How do health savings accounts and high-deductible health insurance plans limit health care costs?
The theory is you will be more cost-conscious while seeking medical care if the expenses come out of your pocket. It's hoped this increased financial responsibility makes you a better consumer of health care.
It's hoped that if you're exploring all of your health care options, the competition among health care providers will reduce health care costs for you and others. Some doctors worry that the pressure to save the money in your HSA might cause you to avoid important preventive care. You should carefully weigh any health care decision with your doctor and not let cost be the sole factor in your decision.
How do I find information regarding medical costs and quality so that I can make informed health care choices?
It can be challenging. Right now it's difficult to get reliable information regarding the cost and quality of treatment options, doctors and hospitals. Your employer or health plan may offer some Web-based tools, as well as access to someone by phone who can give you some basic information. The hope is that as health savings accounts and other consumer-directed health care options become more widespread, the access to information about cost and quality will expand.
Can you withdraw money from health savings accounts for nonmedical expenses?
If you withdraw funds from an HSA for nonmedical expenses before you turn 65, you have to pay taxes on it as well as a 10 percent penalty. If you take money out after you turn 65, you don't have a penalty, but you must pay tax on the money taken out. You can still withdraw money tax-free from an HSA for medical expenses after you turn 65.
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