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Treasury Releases HSA Basics Pamphlet
The U.S. Treasury Department released a brochure that explains the basics of health savings accounts (HSAs).
Reported by Fred Schneyer
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.
Additional Treasury Department information about HSAs is available here.