Medical Cost Savings with a Health Savings Account

Health Savings Account (HSA) contributions do not have to be spent each year and unused balances can remain in the account for future use. It is a good idea to contribute the maximum amount allowable each year to take advantage of the tax savings.

HSA contributions are tax deductible and distributions for qualified medical expenses are tax free.

The 2019 total contribution limits are $3,500 for single taxpayers and $7,000 for a family plan.