Health Savings Account An HSA is a tax-advantaged savings account owned by you and can be used to pay for qualified medical expenses that you may incur now or later for you and your dependent(s). You are allowed to fund an HSA by electing a pre-tax contribution. There are many advantages of owning an HSA, such as, your balance will earn tax-free interest, roll over from year to year, and can be invested to accelerate growth.
- Annual Max | $3,850 Single / $7,750 Family Per Year
- You must be enrolled in the Collective Health HDHP Plan offered by California Times
- Have no other non-HSA insurance policy coverage
- Have waived enrollment in the FSA plan prior to 1/1/2024
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return