6300  22 Mile Rd., Suite 3

Shelby Twp., MI  48317

(586) 323-1200

Health Savings Accounts

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care insurance.

 

Participating employers can also contribute to accounts, on behalf of their employees.

 

Here are the limits for individual and family coverage, announced by the IRS. They are determined after the IRS applies cost-of-living adjustment rules, and the changes in the Consumer Price Index for the relevant period.

 

2017:

Self-only coverage maximum HSA contribution $3,400

Plus catch up if 55 or older $1,000

Family coverage maximum HSA contribution $6,750

Plus catch up if 55 or older $1,000

 

2016:

Self-only coverage maximum HSA contribution $3,350

Plus catch up if 55 or older $1,000

Family coverage maximum HSA contribution $6,750

Plus catch up if 55 or older $1,000