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This document provides an overview of the Health Savings Account (HSA) associated with Aon’s BlueEdge Gold and Silver medical plans, detailing its benefits, tax advantages, and eligibility requirements.

How to fill out form health savings account

How to fill out THE HEALTH SAVINGS ACCOUNT

1. Confirm eligibility: Ensure you are enrolled in a high-deductible health plan (HDHP).
2. Choose a custodian: Select a financial institution or bank that offers Health Savings Accounts.
3. Fill out the application: Provide personal information, including your name, address, and social security number.
4. Fund your account: Decide how much money to contribute, keeping in mind the annual contribution limits.
5. Set up contributions: Arrange for direct deposit or make one-time deposits to fund the account.
6. Keep track of expenses: Maintain receipts for qualified medical expenses to ensure proper usage of funds.
7. Review account regularly: Monitor your account for growth and ensure you are meeting any reporting requirements.

Who needs THE HEALTH SAVINGS ACCOUNT?

1. Individuals with a high-deductible health plan (HDHP) who want to save money on out-of-pocket medical expenses.
2. Taxpayers looking for ways to reduce taxable income through pre-tax contributions.
3. Those who anticipate significant medical expenses in the future and want to save for them.
4. Anyone interested in investing their healthcare savings for potential long-term growth.

People Also Ask about

What does a health savings account do?

A Health Savings Account (HSA) is a type of personal savings account you can set up to pay certain health care costs. An HSA allows you to put money away and withdraw it tax free, as long as you use it for qualified medical expenses, like deductibles, copayments, coinsurance, and more.

What happens to your HSA if you leave the US?

So rest assured, you can use your HSA when traveling abroad. However, there are limitations as to what you can spend your money on tax-free. And keep in mind you may also need to pay extra fees, depending on your HSA provider.

What is the maximum you can put in a health savings account?

2026 HSA contribution limits: The maximum out-of-pocket is capped at $8,500. An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $3,400) can contribute up to $8,750 — up $200 from 2025 — for the year. The maximum out-of-pocket is capped at $17,000.

Does your money grow in a HSA?

Use the slider below to change your monthly contributions to see how your money could potentially grow over time compared to a traditional savings account. Your HSA savings aren't “use it or lose it.” Your money can accumulate year over year.

Do you lose HSA money if you don't use it?

You can pay expenses out of pocket and reimburse yourself when you need the money since there's no "use it or lose it" rule with HSAs. The benefit of leaving your HSA funds in the account until you need them, is it lets your money continue to grow tax-free, adding to your HSA's total value.

Can you withdraw money from a health savings account?

Yes, you can withdraw money from your HSA whenever you need, as long as you use that money for qualified medical expense. If you use the money for other items, you may incur penalties.

Which health savings account is best?

The Best Health Savings Account Best HSAs for Investing # 1 Lively # 2 HSA Bank # 3 HSA Authority # 4 Elements Financial # 5 Saturna # 6 Bank of Cashton # 7 Select Account

What happens if you use your health savings account for anything?

If you use your HSA money on something other than qualified medical expenses before retirement, your withdrawal will be subject to taxes, and it may be subject to a 20% penalty. If you use it for something other than qualified medical expenses after age 65, your withdrawal will be subject to taxes but not penalized.

For pdfFiller’s FAQs

What is THE HEALTH SAVINGS ACCOUNT?

A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals save for medical expenses. It allows users to contribute pre-tax income to pay for qualified healthcare costs.

Who is required to file THE HEALTH SAVINGS ACCOUNT?

Individuals who have a Health Savings Account and wish to claim tax deductions or report contributions and distributions are required to file information related to the HSA with their tax returns.

How to fill out THE HEALTH SAVINGS ACCOUNT?

To fill out the HSA forms, individuals need to provide information about their contributions, distributions, and any qualified medical expenses paid from the account. This often involves completing IRS Form 8889 when filing taxes.

What is the purpose of THE HEALTH SAVINGS ACCOUNT?

The purpose of a Health Savings Account is to provide individuals with a means to save for medical expenses while enjoying tax advantages, thereby encouraging savings for healthcare costs.

What information must be reported on THE HEALTH SAVINGS ACCOUNT?

The information that must be reported includes contributions made to the HSA, distributions taken, any qualified medical expenses, and the balance held in the account at the year's end.