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An HSA is a personal savings account that allows you to save money tax-free, for qualified medical expenses. The money contributed to your HSA and the interest it earns are both tax-free. You can use it to pay for qualified medical expenses today and in the future.
Benefits
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An HSA gives you a tax-free way to pay for qualified medical expenses.
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Your unused account balances can be carried over from year-to-year, so your money and the interest it earns, will continue to grow tax-free over time.
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The contributions you make are deductible when determining your adjusted gross income, up to the annual maximums. (Federal not State of WI)
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Withdrawals used to pay for qualified medical expenses are tax-free.
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Eligibility
You must meet all of the following requirements:
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You are covered under a High Deductible Health Plan (HDHP).
A HDHP is a policy with a minimum annual deductible of $1,000/individual or
$2,000/family. Maximum out-of-pocket expenses are not to exceed $5,000/individual or
$10,000/family. |
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You are not covered by another health plan that is not an HDHP.
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You are not currently enrolled in Medicare.
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You are not eligible to be claimed as a dependent on another individual's tax return. |
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You have HDHP coverage on the first day of the month that the account was opened. |
Prior to applying for an account, we recommend you consult your tax advisor to ensure your eligibility.
If you have questions about opening an HSA for yourself, or if you are a business looking to offer HSAs for your employees, please contact Kristen Talbott at 414-761-1610
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