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Health Savings Accounts

Here's a BRIGHT idea

Save money for medical expenses, tax-exempt with a Health Savings Account (HSA).


What is an HSA?

An HSA is a special tax-sheltered deposit account for those who have a "High Deductible Health Plan" (HDHP).  You can save money in your HSA, and use the funds to pay for eligible healthcare expenses.

Unlike a flexible spending account, your balances carry over year to year without "use it or lose it" requirements.


  • Earns interest
  • Tax advantages
  • Keep contributions in your name, regardless of career or life changes
  • Easy access to your funds (checks & debit card)
  • No minimum balance requirements
  • No monthly maintenance fee

Am I Eligible?

To be eligible you must be under age 65 and . . . 

  • Enrolled in a qualified HDHP
  • Not covered under another health insurance plan
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on someone else's tax return

Who Can Contribute to My HSA?

Any eligible individual can contribute to an HSA. For an employee's HSA, the employee, the employee's employer or both may contribute to the employee's HSA in the same year. For an HSA established by a self-employed (or unemployed) individual, the individual can contribute.  Family members or any other eligible person may also make contributions on behalf of an eligible individual.

How Much Can I Contribute?

The amount you are allowed to contribute changes every year and is different for individual versus family health coverage. Please contact your tax professional for updated eligibility and contribution details.

2021 Requirements and Limits 

  • Individual Coverage:  Minimum deductible of $1,400
  • Individual Coverage:  Maximum out-of-pocket expense of $7,000
  • Family Coverage:  Minimum deductible of $2,800
  • Family Coverage:  Maximum out-of-pocket expense of $14,000

2021 Contribution Limits

  • Individual Coverage:  $3,600
  • Family Coverage:  $7,200
  • Catch-up Contribution (age 55 or older): $1,000

Additional rules may apply. For more information see IRS Publication 502 or consult a tax professional.


Contact us to talk about opening your very own Health Savings Account.

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