health savings account

You may be able to lower your taxable income and medical insurance premiums with our Health Savings Account plan.

A Health Savings Account (HSA) is a typically lower-cost, high-deductible, big-benefit medical insurance policy that includes a tax-exempt personal savings account you can use for qualified medical and retiree health expenses.¹ An HSA combines a savings account with a high-deductible health plan (HDHP) of at least $1,050 for an individual and $2,100 for a family.

Qualified HDHPs are available for individuals or families of two or more people, and provide coverage only after the deductible has been met. To pay for any health care expenses up to the amount of your plan’s deductible, you pay out of pocket or use funds in your HSA. Disbursements from HSAs are typically tax-free if used for qualified medical expenses. When considering an HSA alongside other health care options, you should consider:

1. The amount of control you want over your health care choices and spending.
2. Your anticipated health care expenses.
3. Your current and future finances.
4. Your comfort with financial risk in the event of unexpected expenses.

HSA: Did you know?

You can think of an HSA as the base of a health care house.

¹Consult your tax advisor as to your eligibility to open a Health Savings Account and for restrictions on deposits to and withdrawals from a Health Savings Account. TMAIT staff cannot provide legal or tax advice.