Health Savings Accounts (and how they work).

High-deductible Health Plans and Health Savings Accounts are becoming more and more popular as companies (and individuals) are looking to reduce their health insurance costs.

This video tells you about both Health Savings Accounts and High Deductible Health Plans and how they work. It also covers how contributions and withdrawals from Health Savings Accounts are reported on the tax return.

2023 UPDATE:

Contribution limits for 2023: $3,850 (Individual); $7,750 (Family); $1,000 "catch up" contribution over age 50.
HDHP Deductibles for 2023: $1,500 (Individual); $3,000 (Family)
HDHP Out-of-pocket maximums for 2023: $7,500 (Individual); $15,000 (Family)

ADDITIONAL INFORMATION AND RESOURCES:

IRS Publication 962: "Health Savings Accounts and Other Tax-Favored Health Plans": https://www.irs.gov/pub/irs-pdf/p962.pdf

IRS Publication 502 "Medical Expense Deductions": https://www.irs.gov/pub/irs-pdf/p502.pdf

IRS From 8889: "Health Savings Accounts": https://www.irs.gov/pub/irs-pdf/f8889...

Image Attribution:

Wikimedia Commons (CC-S.A. 2.0-4.0):
Usernet123u
Matthewriter14


Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library

Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.

The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.