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An HSA is a personal savings account that allows you to save money tax-free, for qualified medical expenses. The money contributed to your HSA and the interest it earns are both tax-free. You can use it to pay for qualified medical expenses today and in the future.
Benefits
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An HSA gives you a tax-free way to pay for qualified medical expenses.
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Your unused account balances can be carried over from year-to-year, so your money and the interest it earns, will continue to grow tax-free over time.
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The contributions you make are deductible when determining your adjusted gross income, up to the annual maximums. (Federal not State of WI)
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Withdrawals used to pay for qualified medical expenses are tax-free.
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Eligibility
You must meet all of the following requirements:
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You are covered under a High Deductible Health Plan (HDHP).
A HDHP is a policy with a minimum annual deductible of $1,150/individual or $2,300/family. Maximum out-of-pocket expenses are not to exceed $5,800/individual or $11,600/family. |
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You are not covered by another health plan that is not an HDHP.
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You are not currently enrolled in Medicare.
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You are not eligible to be claimed as a dependent on another individual's tax return. |
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You have HDHP coverage on the first day of the month that the account was opened. |
Prior to applying for an account, we recommend you consult your tax advisor to ensure your eligibility.
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