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:
- 2012 Instructions for Form 8889, Health Savings Accounts - 9/28/2012
- 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.
- www.irs.gov
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