• Individual coverage: $4,300.
• Family coverage: $8,550.
• Catch-up contributions (age 55+): Additional $1,000 per individual.

In general, you can use your HSA funds to pay for any qualified medical expense, which generally includes: medical care, prescription drugs, and payment for long-term care.

First, as you add funds into your account, your contributions reduce your annual taxable income. Second, the funds you withdraw to pay for qualified medical expenses remain untaxed. Third, you save again when funds in your HSA accounts earn interest tax-free.

Yes. The HSA belongs to the individual not the employer and any eligible individual may open an HSA, as long as you are covered under a High Deductible Health Plan (HDHP).

Any eligible individual may contribute to an HSA. For an HSA established on behalf of an employee, both the employee and the employer may make contributions. Additionally, family members may make contributions on behalf of other family members as long as the other family member is an eligible individual (i.e., has a qualified HDHP and is not otherwise insured).

Once you reach age 65, your funds can be withdrawn at any time and are only subject to ordinary income tax. However, you may avoid any tax by continuing to use the funds for qualified medical expenses. For those over age 65, premiums for Medicare Part A or B, Medicare HMO and employee premiums for employer-sponsored health insurance can be paid from an HSA.