HEALTH SAVINGS ACCOUNT

• Must be at least 18 years old
• Be covered by a qualified High Deductible Health Plan (HDHP) — for 2023 the IRS defines a high deductible health plan as any plan with a deductible of at least $1,500 for an individual or $3,000 for a family
• You have no other health coverage except for specialized plans like dental, vision, long-term care, and injury or accident coverage.
• You aren’t enrolled in Medicare.
• You can’t be claimed as a dependent on someone else's 2017 tax return.

For more details on HSAs and eligibility, please go to the IRS HSA webpage.

For 2023, if you have self-only HDHP coverage, you can contribute up to the limits shown below. For more details on HSAs and contribution limits, please go to the IRS HSA webpage.

Unused funds can remain in your HSA and carry over every year. Once you are age 65 or if you become disabled, you can use HSA funds for both medical and non-medical expenses (but the non-medical uses will be taxable at that time).

You will incur a 20 percent tax penalty.