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HSA-Only: How Much Should You Save & Tax Advantages

How Much You Should Save
& Tax Advantages


Here are 6 great resources to help you get it right.

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Top 10 Tips

  1. 1. Know your health insurance coverage. Every health plan will have out-of-pocket costs in the form of deductibles, copays, and coinsurance, and each plan will have a maximum contribution limit to keep in mind.
  2. 2. Use your premium savings. If you chose an HSA eligible health plan that offers lower premiums – consider putting some, or all, of those savings into your HSA.
  3. 3. Know your account. Ask these important questions:
        •  What is your contribution limit?
        •  Is your employer contributing to the account?
        •  Can you take the account with you if you leave the company?
        •  Do unused dollars at the end of the year roll over, or do you lose them?
  4. 4. Consider your budget and financial goals. Ensure your contributions fit into your overall personal finances.
  5. 5. Think about your typical health care utilization. Ask yourself how many office visits, prescriptions, specialists, labs, and other procedures you're likely to need.
  6. 6. Factor in major purchases. Look up average costs for any major planned treatments or procedures.
  7. 7. Look back at prior years. Your prior year spending may give you a hint as to how much you are likely to spend this year.
  8. 8. Think about the future. Think beyond the plan year – health care will continue to be a significant expense, even in retirement. It's never too early to save for the future.
  9. 9. Build in a buffer. Life happens – build in contingency funds for the unexpected.
  10. 10. Familiarize yourself with eligible expenses. Don't leave money on the table because you didn't realize certain expenses were eligible.

Learn More About How Much to Save


Common Questions

Options, especially when using acronyms, can sometimes be confusing. A Health Savings Account (HSA) lets you use pre-tax dollars to pay for eligible health care expenses for you, your spouse, or eligible dependents. Here are some things you should know:

 

HSA

Who can contribute – you or your employer? Either
Who owns the money – you or your employer? You
Can you carry over unused funds from year to year?

Can you keep the funds if you leave the company?

Can you invest the funds for growth (like a 401k)?

Can you change your election at any time during the year?


Test Your Knowledge

  • How well-versed are you on tax-advantaged benefit accounts? Let’s find out.
  • Take the Quiz

Learn More About Tax-Advantaged Accounts

 

Open Enrollment Center

Everything you need to know to prepare for your Open Enrollment is in one convenient place.

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