A Health Savings Account (HSA) is a tax-deductible savings account. Withdrawals are tax-free when the money is used exclusively for paying or reimbursing qualified medical expenses (doctor visits, prescription drugs, over-the-counter medicines prescribed by a doctor) of the account owner, spouse and dependents.
*A High Deductible Health Plan is a medical insurance plan with a minimum annual deductible and a maximum out-of-pocket expense cap.
The maximum contribution limit is:
(age 55 and over)
Contributions for the current year can be made until April 15 of the following year.