Treasury Releases HSA Basics Pamphlet

The U.S. Treasury Department released a brochure that explains the basics of health savings accounts (HSAs).

The HSA Basics tri-fold covers a variety of topics about the HSA system including:

  • who can have an HSA;
  • the high-deductible health plan (HDHP) coverage necessary for HSA eligibility (including minimum annual deductibles and maximum out-of-pocket expense limits);
  • HSA contribution limits, including catch-up contribution limits for those age 55 or older (with examples);
  • HSA distributions (and the federal income tax consequences of using such distributions to pay for medical or nonmedical expenses);
  • the income tax and other advantages of HSAs;
  • the treatment of HSAs after the account holder’s death.

The brochure is available for download here.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Additional Treasury Department information about HSAs is available here.

«