HSAs Make Health Care More Affordable
A health savings account is a tax-advantaged account designed to help cover out-of-pocket health care expenses. If you’re the account holder, your spouse and dependents may also use the HSA, even if they’re not covered by your medical plan. In 2022, you can contribute up to $3,650 if you have individual health insurance or up to $7,300 for family coverage. If you’ll be 55 or older at the end of the year, you can put in an extra $1,000 in “catch up” contributions.
More than 80% of large employers currently offer an HSA to their employees, according to a recent survey by benefits consultant Willis Towers Watson, but not everyone is eligible to contribute to an HSA. In order to
