Making The Most Of Your HSA

An HSA, short for Health Savings Account, is a tax-advantaged savings account specifically designed for individuals with a high deductible health plan (HDHP). 

Obtaining An HSA

1. Understand what an HSA is  2. Determine eligibility  3. Research financial institutions  4. Compare account terms 5. Opening an HSA 

Obtaining An HSA

6. Contribute to your HSA  7. Familiarize yourself with qualified expenses  8. Stay informed 

Tips For Making The Most Of Your HSA

In next few slides, we have shared some tips to make the most of your HSA

Maximize Contribution

Review the contribution limits set by the IRS each year and strive to contribute the maximum amount allowed. 

Keep Track Of Contributions And Expense

Maintain records of your HSA contributions to ensure proper documentation and potential tax savings. 

Learn About Qualified Medical Expense

Familiarize yourself with qualified medical expenses to effectively use your HSA funds. Consult the IRS or a tax advisor for guidance on eligible costs.  

Opt For A High Deductible Health Plan (HDHP)

Choose a high-deductible health plan (HDHP) to qualify for an HSA. Contribute pre-tax dollars, reducing taxable income and gaining tax deductions.