PAYROLL & HR ALERT
News to Inform and Protect Company Owners
We All Know That Our Out of Pocket Medical Cost Are Going Up, and
We Cannot Deduct Them From Our Taxes. Maybe we can.
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit, or at the time of withdraw for qualified medical costs.
To qualify for an HSA the policy must meet the following criteria:
- The minimum deductable amounts for an individual is $1,300 and for a family $2,600.
- The maximum Out-Of-Pocket amounts for an individual is $6,350 and for a family $12,700.
How much can I contribute to my HSA?
- 1. Single $3,350 / family $6,750
- 2. Each person that is over 50 may contribute an additional $1,000.
May I invest my HSA money and Later Sell The Investment to pay for medical costs?
YES. Profits are not taxed if the money is used for qualifying medical costs.
How Do I Open a HSA Account?
Call your bank. In less than 10 minutes the paper work will be done.
We wish you a Happy New Year
Advanced Payroll Consultants
APC is not offering legal advice. Contact your insurance agent.
ADVANCED PAYROLL CONSULTANTS (established 1996)
695 E. MKL. Dr. Ste B * Tarpon Springs, FL. 34689
Chamber of Commerce memberships: North Pinellas, Palm Harbor, Trinity/Odessa