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Health Savings Account

Understanding a Health Spending Account (HSA)

If you have MetroHealthSelect High Deductible as your health coverage, you are eligible to open an Health Savings Account when you also meet other Heath Savings Account criteria. Many people use Health Savings Accounts to pay current out-of-pocket medical costs and to save for future needs.

A Health Savings Account:

  • Offers tax advantages
  • Health Savings Account dollars are not subject to federal tax as long as they are used to pay for eligible health care expenses for you and your dependents
  • A comprehensive list of eligible expenses is available in IRS publication 502 or online at https://www.irs.gov/pub/irs-pdf/p502.pdf
  • For 2022, the maximum Health Savings Account contributions are $3,650 for single or $7,300 for family
  • Those age 55 or older may contribute an additional $1,000 per year
  • The account is yours and goes with you if you leave your employer for any reason
  • The balance in the account rolls over year-to-year so there’s no “use it or lose” it feature
  • Money in the account can be used for medical expenses now or you can save for the future
  • Contact your bank or financial institution for more information on opening an Health Savings Account

To be eligible to open an Health Savings Account, you must:

  • Be covered by a High Deductible Health Plan (HDHP)
  • Not be covered under another medical plan that is not a High Deductible Health Plan
  • Not be enrolled in Medicare benefits
  • Not be claimed as a dependent on someone else’s tax return

Your financial advisor can provide the information you need to open and use your Health Savings Account. You may also want to consult with an accountant regarding your situation and any tax implications that may occur.