Great – you’re on your way to
mastering HSA contributions!
Your HSA belongs entirely to you and can be used to pay for current and upcoming qualified medical expenses for you and your eligible dependents. We’re not even talking about just major medical needs. You can get tax-free savings with your HSA on everyday things like sunscreen, allergy relief products, TENS units, and more! You can contribute to your account, withdraw contributions to pay for HSA-eligible medical expenses, and invest your savings in a wide array of financial options — all tax-free.
You can make contributions to your HSA just like you make deposits into your regular savings account, with one big difference: you’ve already paid tax on the money you deposit in your regular savings account. With your HSA, the money you deposit is tax-free if your employer offers this health plan option.
Now that you have a basic understanding, let’s dive a bit deeper into what matters most when planning your HSA contributions. Everyone has yearly health expenses and a lot of those are pretty unexpected. So, the question still remains: how do you decide how much money to put in? We can help.