Health Savings Account (HSA)
What is an HSA?
A Health Savings Account (HSA) is a tax-favored trust or custodial account that earns you interest. The HSA combines tax-free savings for qualified medical expenses, and is allowed when paired with a qualified High Deductible Health Plan (HDHP).
With an HSA, your money is deposited through payroll deduction, tax-free, and can be used for qualified medical expenses not covered by insurance, or costs you incur before meeting your deductible. With an HSA, you decide which qualified medial expenses you would like to pay with your savings, this can include copays, coinsurance, presciptions, vision and dental care, and more. The funds in your HSA grow tax-free until you need it most, and rolls over year to year to create even more savings.
The maximum allowable contribution for ‘2016 is $3,350, and for '2017 is $3,400 for Individual, and for '2016 and '2017 is $6,750 for Family. The IRS also allows an additional $1,000 contribution as a “catch-up” for anyone age 55 or older.
For more information about the HSA offered to GPISD employee please visit the link below.