Texas Health Savings Accounts

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What Is A Health Savings Account?

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What Is A Health Savings Account?

Health Savings Accounts (HSAs) allow enrollees to control their medical decisions and medical spending. HSAs are paired with high-deductible health insurance plans to provide cost-effective ways for employees and employers to manage healthcare costs and provide affordable coverage.

HSAs were created to give employees an incentive to manage their health care spending, where account funds grow and carry over from year to year to help pay for future medical expenses. The employer and employee can make tax-free contributions into the HSA account to cover out-of-pocket medical costs. The idea is that employees who are spending their HSA money to satisfy the deductible, copayments for prescriptions and doctor visit costs will be more cost-conscious and judicious in their spending choices.

HSAs create a unique incentive structure that provides affordable health care coverage for both the employer and the employee. Get started with an HSA today using our quoting engine below, or read on to learn more about how an HSA can meet your health care needs.

Why an HSA may be right for you?

Health Savings Accounts and high-deductible health plans are a great option for people who are in good health, have a solid estimate of their expected health care costs for the year, or who prefer more flexibility in choosing doctors than the typical Health Maintenance Organization or Preferred Provider Network offers.

What are some details and benefits of HSAs?

Did you know that there are SEVERAL benefits to obtaining a health savings account (or HSA)?

Here are the top advantages of having an Health Savings Account:

    1. Pre-Tax Contributions. If your employer makes contributions to your HSA through payroll deposits, these are not subject to federal income taxes — which is a huge benefit. Your employer can make contributions on your behalf, as well, and this sum is not included in your gross income.
    2. Tax-Free Withdrawals. If you make a withdrawal from your health savings account, this amount is not subject to federal income taxes — provided the money is used for dedicated medical expenses.
    3. Convenience. HSAs are convenient, plain and simple. In fact, most will issue a debit card, so that you are able to conveniently pay for your prescriptions or other medical expenses right away.
    4. Tax-Deductible Contributions. You may owe less in taxes at the end of the year, thanks to this benefit! Contributions made with after-tax dollars can be deducted from your gross income.

The Internal Revenue Service sets the contribution limits for HSA accounts (how much the employee and employer combined can set aside each given year). In 2022, the maximum contribution is $3,650 a year for individual coverage and $7,300 for family coverage. People over 55 can save an additional $1,000 per year. This money does not have to be used in the year and can be rolled over and allowed to grow to cover anticipated medical expenses in the future. There are no income restrictions on HSA participation, just a qualified high-deductible medical policy.

Health Savings Accounts Texas

A health savings account is a type of personal savings account that is specifically for qualified healthcare expenses. Health savings accounts (or HSAs, as they are more commonly known) allow people with high-deductible insurance plans to pay for certain expenses, as well as save money for future expenses. An HSA can be set up with one person as the sole beneficiary, or for your spouse and other family members or dependents.

There are many advantages to having a health savings account. For one, contributions to your HSA can come from a wide variety of sources, including your employer. Contributions made with after-tax dollars can be deducted from your gross income, which means you’ll likely owe less in taxes. In addition, the money in your HSA is always available for medical-related purchases, regardless of whether you retire or change healthcare providers. And, earnings are tax-free — all interest accrued is tax-free. Talk about a win-win situation!

Health Savings Account Contribution Limits

An HSA is a tax-advantaged account that works with a HSA-qualified health plan. To take advantage of the tax benefits, you must be enrolled in an HSA-qualified health plan and own and contribute to an HSA.

Internal Revenue Code Annual Contribution Limits, Minimum Deductible, and Maximum Out-of-Pocket Expenses

  1. All tax references are at the federal level. State taxes may vary. Please consult with your tax advisor.
  2. Contact your insurance provider if you have questions on whether your health coverage is HSA-qualified. Other HSA-eligibility criteria apply including: cannot be enrolled in Medicare, cannot be covered in a health plan that is not an HSA-qualified plan (with limited exceptions), have received VA medical benefits in the past three months, or be eligible to be claimed as a dependent on someone else’s tax return.
  3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contribution limits — Wells Fargo does not monitor your contribution limit. Consult your tax advisor with questions about how limits apply to your situation

Health Savings Accounts are an invaluable resource for those looking for affordable health care coverage. For more information about the benefits and advantages of HSAs, please see our Benefits guide, or find all the answers to your questions in our HSA Frequently Asked Questions guide. To learn more about how Obamacare impacts your HSA, please see our educational resource.

Contact Custom Health Plans Today

Do you have questions or concerns about obtaining a Texas health savings account? Don’t hesitate to get in touch with Custom Health Plans today by calling (877) 749-2241 or contact us online! Our team of experienced healthcare professionals is always happy to assist you.

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