Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses incurred by you, your spouse, and your dependents.

You are eligible for a regular HSA contribution if, with respect to any month, you:

• Are covered under a high-deductible health plan (HDHP) on the first day of such month;

• Are not also covered by any other health plan that is not an HDHP;

• Are not enrolled in Medicare; and

• Cannot be claimed as a dependent on another individual’s tax return.

The qualified medical expenses must be incurred after the HSA has been established.

HSA distributions used exclusively to pay for or reimburse qualified medical expenses incurred by you, your spouse, or your dependents are not included in gross income.

Any other distributions are included in income unless rolled over.  Distributions not used to pay for or reimburse qualified medical expenses or not rolled over are subject to an additional 10 percent tax unless made after your death, your disability, or your attainment of age 65.

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