What is a Health Savings Account? (HSA)
A Health Savings Account (HSA) is a type of savings account that allows you to set money aside to pay for medical expenses without tax. Some of these expenses may include: doctor visits, prescriptions or glasses. Money rolls over year after year. It’s a smart way to play ahead and cover health costs. The only qualificatino for opening an HSA account is that the member needs to be enrolled in a high deductible medical plan.
Benefits of Wolverine HSAs
- No Service Fee
- 5% Interest Rate
- Tax-free Withdrawals for Qualified Medical Expenses
- Contributions to your HSA made by your employer
- Debit Cards or Checks Available
- Electronic Signatures
- Simple Process
Wolverine HSA FAQ’s
Can anyone open an HSA account?
Not everyone is eligible to open and HSA. To be eligible for an HSA account, you must have a qualified High-Deductible Health Plan (HDHP), be under the age of 65 years old, not enrolled in Medicare, and not be claimed as a depended on someone else’s tax return.
Is there a limit to how much I can contribute to an HSA yearly?
Yes! HSAs are tax deferred up to a certain dollar amount. Yearly contribution maximums can change. In 2025, the yearly contribution limit is $4,3000 and if you have a family HDHP coverage, you can contribute up to $8,550.
What is considered a qualified medical expense?
Detailed list stating what is qualified along with more information on HSA can be found here https://www.irs.gov/publications/p969.