A Health Savings Account (HSA) is
|High Deductibles/Out of Pocket Limits|
|Single Coverage - Minimum/Maximum||$1,350/$7,000||$1,400/$7,050|
|Family Coverage - Minimum/Maximum||$2,700/$14,000||$2,800/$14,100|
|Health Savings Account Contribution Limits|
|Plus $1,000 catch-up contribution if you are age 55+|
You can only make a contribution to an HSA if enrolled in an eligible high-deductible health plan (HDHP). You cannot be covered by another health insurance.
You may not make a contribution if you are enrolled in Medicare.
Both you and your employer can contribute to your HSA but the combined funding may not exceed the contribution limits outlined in the table above.
Your contribution doesn't have to be used in a particular year - funds continue to accumulate. This feature is an important one for many as medical expenses may be much larger in a particular year whiles other years may have fewer expenses. It is also worth noting that you do not lose funds if you change your health plan. However, you cannot use HSA contributions to pay for expenses incurred prior to opening the account.