A Health Savings Account solution from Lifetime Benefit Solutions can give you more spending money per paycheck while you save money on out-of-pocket health care expenses.
An HSA is a tax-advantaged savings account that is used in combination with a qualified high deductible health plan (HDHP) and gives you a new way to manage health care costs. You can use the HSA funds to cover qualified health care expenses—from co-payments at the doctor’s office to pharmacy bills, dental care, vision care and more.
Lifetime Benefit Solutions HSA Helps You:
- Offset rising health care costs with tax-free funds
- Plan for future health expenses with tax-free investment accounts that grow year over year— no “use-it-or-lose-it” annual requirement
- Easily monitor health spending with convenient debit cards and secure online account access
- Plan for retirement—after age 65, you can use HSA funds for non-qualifying expenses
Annual IRS Contribution Limits
Depending on your medical plan's coverage level, combined annual contributions from you, your employer, and any other third party must not exceed the limits below.
|2023 Annual HSA Contribution Limits||2022 Annual HSA Contribution Limits|
|Individual: $3,850||Individual: $3,650|
|Family: $7,750||Family: $7,300|
If you are an HSA accountholder and meet the qualifications below, you are also eligible to make a catch-up contribution of an extra $1,000 to your HSA:
- Will be 55 years of age or older by the end of the current tax year
- Not enrolled in Medicare-- if you enroll in Medicare mid-year, you must prorate your contributions, including any catch-up contributions
If your spouse is covered under your medical insurance and they meet these qualifications, they are also able to make a catch-up contribution into a separate HSA in their own name.
My HSA Planner
My HSA Planner is an easy-to-use decision tool that helps HSA participants learn:
- The benefits of a health savings account
- How much they should contribute each year to optimize the benefit; and
- their potential savings over time.
HSA participants can access the personalized planning tool from their account within the online portal, or try the standard tool here.