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Are Those Pesky Out-of-Pocket Health Costs Eating a Hole in Your Pocket? A Health Savings Account Can Help.

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Your Health is important. A Health Savings Account helps you designate tax-free savings to pay for out-of-pocket costs and qualified medical expenses. [1],[2]

Features of a HSA:

Must be covered by a high-deductible health plan

Must not be covered by any other health plan that is not considered a high-deductible health plan

Must not be entitled or enrolled for benefits under Medicare

Must not be claimed as a dependent on another person's tax return

HSA contributions are no longer limited by a health plan's deductible amount, resulting in higher contribution amounts for most HSA holders

IRA holders may make a one-time "direct rollover" to an HSA (limited to the maximum annual contribution amount)

HSA holders are allowed to make a one-time transfer of assets from FSA or HRA plans to an HSA

HSA holders with FSAs are now eligible to make HSA contributions during the grace period (first three months of the year) allowed for FSAs

Contributions:

Self-only coverage: the maximum yearly contribution amount for 2024 is $4,150

Family coverage: the maximum yearly contribution amount for 2024 is $8,300 if under the age of 55

Those 55 and older can contribute an additional $1,000 as a catch-up contribution

You can open or fund your HSA at any time until your federal tax return is due. Normally, by December 31st

Distributions:

Tax-free distributions if funds are used to pay for medical expenses

Distributions for non-medical expenses are taxable and subject to a 20% penalty if withdrawn before age 65 (except in the cases of death or disability)

Contact a Columbia Bank Representative and begin saving for medical expenses with a health savings account today.

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Investments are NOT FDIC Insured, not Bank guaranteed, not a deposit, and not insured by any federal government agency. Investments may lose value.

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