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Health Savings Account (HSA)

Health Savings Accounts (HSAs) are available to members who enroll in a high deductible health plan (HDHP), are enrolled in Medicare or another health plan, and are not claimed as a dependent on someone else’s Federal tax return.   The health plan passes through a portion of the health plan premium as a deposit to the HSA each month.  The pass through contribution amount is different for a Self Only enrollment than for a Self Plus One or Self and Family enrollment.   You have the option to make additional, voluntary tax–free contributions to your account, up to the maximum established by law.    Federal employees who are enrolled in HDHPs can make pre–tax allotments to their HSAs through their payroll provider or through their health plan’s HSA trustee..   The funds in your HSA can be used to pay for your cost share for your deductible or other qualified medical expenses.

Features of an HSA include:

  • Your own HSA contributions are tax–deductible or pre–tax (if made by payroll deduction). See IRS Publication 969.
  • Interest earned on your account is tax–free
  • Withdrawals for qualified medical expenses are tax–free
  • Unused funds and interest are carried over, without limit, from year to year
  • You own the HSA and it is yours to keep — even when you change plans or retire
  • Your HSA is administered by a trustee/custodian
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