HSA Rules | Health Savings Account Rules | IRS HSA Rules | HSA Contribution Rules
Health savings accounts (HSAs) also referred to as a Health Insurance HSA are on the rise. As employers attempt to reduce insurance premium costs, many employers are switching to high deductible plans tied to health savings accounts. While this type plan has been around several years now, many people are still learning the rules. HSA Rules and HSA Insurance have changed significantly in recent years.
HSA Contribution Rules and Recent HSA Rules Changes
It is important to understand the HSA Rules and any current changes. Previously, the HSA Rules allowed you to purchase over the counter medicines. However, new changes no longer allow you to purchase eye drops, Ibuprophen, cough syrup or cold medicines. In addition, there are many over the counter medicines that no longer qualify as eligible expenses under the HSA Rules.
Until recently, if you used HSA funds for non-eligible expenses before the age of 65; the penalty was 10 percent. That penalty has increased to 20 percent. This penalty is not applicable if the owner of the account is 65 years or older.
The HSA contribution limits remain the same. An individual may contribute a maximum $3,050 to their HSA account and families may contribute a maximum of $6,150.
It is important to review IRS HSA rules each year to ensure you understand the changes in HSA account rules. Most employers will offer open enrollment for health insurance plans. You should take advantage of open enrollment to learn the benefits and health savings account rules if you are currently employed.
IRS HSA Rules
The IRS regulations provide the HSA contributions rules. If you use your HSA account to purchase over the counter medicines or products, you will should take the time to review the new list of eligible over-the-counter products. The IRS HSA Rules can be found in IRS Publication 969. If you have questions concerning HSA rules, many of the questions can be answered by your plan administrator.
Managing your health savings account is simple once you understand the HSA rules. When changes are made to the IRS HSA rules, you should receive updates from your plan administrator.
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