HSA Contributions & Distributions

Contributions
You, an employer or both may contribute to your HSA each year that you are eligible.

The maximum contribution is $3,000.00* for self-only and $5,950.00* for families (*Contribution amounts adjusted for inflation). Individuals, age 55 and older, may contribute an additional $1,000.00 to constitute a “catch-up” contribution. See chart below.

Distributions
HSA funds must be spent on qualified medical expenses to remain tax-free.
View allowable vs. non-allowable expenses.

  • Use your HSA funds tax-free for all allowable medical expenses, such as:
    • Medical care and services
    • Dental and vision care
    • Over-the-counter medications (including, aspirin)
    • Alternative healthcare (including, acupuncture)
  • HSA funds that are allowable expenses may be used for yourself, your spouse or your dependent children. Expenses that are not covered by your HDHP may be paid for using your HSA.
  • HSA funds used for non-allowable expenses are taxable as income and subject to an additional 10% penalty
  • At the age of 65, or if you become disabled, funds may be used for purposes other than the allowable expenses without a 10% additional tax penalty.
  • HSA account funds may be used to pay for insurance premiums, only in these circumstances:
    • Receiving federal or state unemployment benefits
    • COBRA coverage following employment with a company that offered healthcare insurance
    • Qualified long-term care insurance
    • Medicare premiums and out-of-pocket expenses (Part A, B, C, D)

Lifespring Health has carefully selected a HSA that is managed by a government approved financial service.

Call Toll Free at 1-800-999-0060 to speak with a Lifespring Health representative or click below to initiate the getting started process.