How a Health Savings Account Can Benefit You and Your Family

I’m excited to explain to you how a Health Savings Account can benefit you and your family. Hopefully, you’ve already seen our information on Health Savings Accounts and how you can be eligible for them. This will be a little bit more in-depth on how you use them.

Qualifying for a Health Savings Account


First, you have to have a high-deductible health plan. A lot of people just think “Because I have a high-deductible plan, I’m able to open an HSA.” That’s not necessarily true. You have to be sure that your minimum individual deductible of $1,500 or for a family of $3,000 is met before any copays kick in. If that’s the case, then you’re eligible to open an HSA account and put money into that throughout the year or in one lump sum, that you can pay qualified medical expenses with.

Contributions to Your Health Savings Account


How much can you put into the account? For an individual, that’s about $3,850 a year. For a family, that’s $7,750 a year. If you are over the age of 55, you are allowed to make a $1,000 catch-up contribution added to that number. 

How is this going to benefit you? You can have it come out of your check through your employer if you have it through them as a pre-tax benefit. If it isn’t—say it’s an individual HSA—then you could put money into it and take it as a post-tax deduction.

Using the Funds in Your HSA


You can use it for copays at your doctor’s office or a specialist visit. Maybe you have over-the-counter items at a pharmacy, dental insurance, maybe home nursing, or you’re dealing with a disability, and you need to make some adjustments to your home. You might be able to use that as well, prior to being eligible for other types of benefits. 

So there’s a lot that you’re able to do, and it’s very important that you talk to somebody who can help you maneuver through that and understand how to get the most out of it. 

No Loss of Your Funds Accumulated in Your HSA


The money rolls over from year to year, so you’re not going to lose it. Some people let it store up each year, and then at age 65, when they go on Medicare, then you could take it out with no tax penalty. 

Those are the points that you really want to be cautious of and aware of, but an HSA can be a very great tool for a family.

Reach out to me to have a discussion about setting up a Health Savings Account. Call me at (314) 544-5400 or visit our website at

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