Forms and Requests Received Will be Processed in 24-48 hours of Quest Receiving the Form.
A Health Savings Account can be used for all qualified medical expenses. To qualify for an HSA, the individual must:
- Have a High Deductible Health Plan (HDHP)
- Not be enrolled in Medicare
- Not be claimed as a dependent on tax return
The contributions toward an HSA are tax deductible and tax free for all qualified distributions. You can also fund your HSA once in your lifetime from your Traditional IRA up to the maximum contribution limit for that year.
2019 & 2020 Contribution Limits:
- Single – $3,500 | $3,550
- Family – $7,000 | $7,100
- $1,000 catch-up (Age 55+)