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Washington State Office of the Insurance Commissioner
                                                      

Health Savings Accounts

Health Savings Accounts (HSAs) allow you to pay for your current health care expenses and to save for future qualified health expenses on a tax-free basis.

You, your family members, and your employer can make tax-deductible contributions to your account.

You can use your HSA to pay the deductible on your high deductible health plan and any other qualified expenses your health plan doesn’t cover, such as vision and dental fees, and over-the-counter drugs.

Who qualifies for an HSA

  • You must have a qualified High Deductible Health Plan (HDHP)
  • You can’t have other health insurance
  • You may have auto, dental, vision, disability, and long-term care insurance that pays medical bill

How much you can deposit into your HSA each year

For 2012, the maximum amount you can deposit into an HSA is:

  • $3,100 for single coverage
  • $6,250 for family coverage

If you're age 55 or older, you can deposit additional money (also referred to as “catch-up” contributions) into your HSA account. The maximum annual catch-up contribution you can make is $1,000.

 

You can’t open up an HSA if you:

  • Enroll in Medicare
  • Received benefits from the Department of Veterans Affairs during the past three months
  • Currently participate in an employer-sponsored HSA

To find out if you qualify, check with your employer’s human resource department.




Updated 02/10/2012

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