Treasury Releases HSA Basics Pamphlet

The U.S. Treasury Department released a brochure that explains the basics of health savings accounts (HSAs).

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.