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What are the HSA Limits for 2018 and 2019?

You can continue to make 2018 contributions until the tax deadline. You can also make max contributions now for 2019.

2018

  • Minimum Deductible-Individual: $1350
  • Minimum Deductible Family: $2700
  • Max Out of Pocket Individual: $6650
  • Max out of pocket Family: $13,300
  • Max Contribution Individual: $3450
  • Max Contribution Family: $6900
  • Catch Up Contribution (55+): $1000

2019

  • Minimum Deductible-Individual: $1350
  • Minimum Deductible Family: $2700
  • Max Out of Pocket Individual: $6650
  • Max out of pocket Family: $13,300
  • Max Contribution Individual: $3500
  • Max Contribution Family: $7000
  • Catch Up Contribution (55+): $1000
What can I spend my HSA funds on?

In general, you can use your HSA funds to pay for any qualified medical expense, which is guided by the IRS and includes medical care, prescription drugs, dental, vision, long term care, etc. Please refer to IRS publication 502

Can I withdraw my funds from my HSA at any time?

Yes, it is your choice when you decide to reimburse yourself for a medical expense you incur-it could have been made in this tax year, or prior tax years. However, if the funds are withdrawn for any expense other than a qualified medical expense, the IRS will impose a 20% tax penalty. After you reach age 65, you can withdraw the funds without penalty but they will be taxed as ordinary income.

What are the benefits for opening an HSA?

Triple Tax Advantage:

  1. contributions routed through payroll are pre-tax so it lessens your tax burden on the rest of your pay. If you make a contribute outside of payroll, you can deduct the contribution on your year end income tax return.
  2. All interest earned is tax deferred.
  3. All withdrawals (or reimbursements to self) for “qualified medical expenses” are free from federal income tax.
How do I use my HSA for my doctor visits?

At the time of service, you will ask your provider to run your expense through your health plan so that you can take advantage of the negotiated prices that your health plan was able to get. Your health plan will also apply that amount to your deductible. You will be billed for the entire visit and you can then decide how you want to pay for that. Preventive visits like a well visit and flu shots are the exception and will be covered at 100% regardless of your deductible.

I am having issues opening an HSA online.

Troubleshooting tips:

  1. Do you have an employer given to you by your Employer or Liberty personnel?
  2. Did you input your employee ID number without dashes?
  3. Did you try to open your account first, then register your account second? If none of these tips help, please call us directly at 800-436-6300, select 0, then 2 to speak to a customer service representative.