A Health Savings Account (HSA) is a special, tax-advantaged account you can use to pay for qualified medical expenses* if you're already enrolled in a High-Deductible Health Plan (HDHP). As your deposits earn dividends, you won't pay taxes when you withdraw money for qualified expenses.
If you're over age 55, you can make catch-up contributions, and all account holders can make contributions up to April 15 of the following year for tax purposes. Please consult your tax advisor for details about tax implications. Your 7 17 HSA is yours to keep and use, even if you leave your job or no longer have an HDHP.
7 17 Credit Union provides banking services to the greater Warren, Kent, Ravenna, Canton, and Youngstown, OH, areas. Contact us with any questions about our HSA.
*See IRS Publication 502 – available at www.irs.gov – for a list of qualified medical expenses.
**The Department of the Treasury may make changes to this program at any time and amounts and limits are adjusted annually for inflation. This web article is intended to provide general information concerning the federal tax laws governing HSAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances or under your state tax laws. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, the instructions to IRS Form 8889, and the IRS’s website, www.irs.gov
, may also provide helpful information.
***Other fees may apply – see Service Charge Schedule
. Fees may reduce earnings.