Health Savings Accounts (HSAs) were created in 2003 so that individuals covered by high-deductible health plans could receive tax-preferred treatment of money saved for medical expenses. Generally, an adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA.
Taxpayers can find out more about HSAs here:
- Instructions for Form 8889, Health Savings Accounts
- Health Savings Accounts and Other Tax-Favored Health Plans - IRS publication 969, complete instructions. Includes what is new, qualified medical expenses, qualifying, contributions, distributions, balances, death of an account holder, forms required, and more.
HSA Adjusted Amounts (Parameters) for Each Year (annual contribution limitation)
Who to call for help with HSA questions:
1-800-829-1040 for individuals
1-800-829-4933 for businesses