Investing in a health savings account (HSA) is a rapidly growing trend. An HSA is a tax-exempt savings account used to pay for qualified out-of-pocket medical expenses of an individual, their spouse and dependents.
One of the most attractive features of an HSA is that these funds grow through the accrual of tax-free interest. Here are some other basics of an HSA:
• HSAs have federally mandated contribution limits. The 2023 HSA contribution limit for self- only coverage is $3,850 and $7,750 for family coverage.
• HSAs are portable even when changing jobs.
• HSA funds can be carried over from one year to the next.
• Both the employee and employer can contribute.
• People ages 55 and up can make additional contributions to accelerate their savings.
CLICK HERE to read more from our Benefits & Me Guide.
CLICK HERE to read more from our Benefits & Me Guide.
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Benefits 101
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Kristen Russell
Kristen founded Fall River Employee Benefits as the culmination of her insurance industry career as an actuary, underwriting executive & consultant. As an Assistant Vice President at Great-West Healthcare (now part of CIGNA), she managed a $1 Billion block of health insurance. She also worked as a Senior Consultant at Reden & Anders, consulting to insurance companies and large employers throughout the country. Ms. Russell received a Bachelor of Science, Business Administration in Actuarial Science, is a member of the American Academy of Actuaries and achieved Fellowship in the Society of Actuaries through a rigorous nine-year series of exams.
Kristen grew up in Iowa but has lived in Colorado since 1993, currently living near our office in the Lower Highlands neighborhood near downtown Denver. She enjoys bicycling, hiking, traveling and has a special passion for non-profit volunteering. She is married to an incredibly talented photojournalist, has two adult stepdaughters and an adorable Border Collie/Lab mix named Chaco.