A HSA (Health Savings Account) is a trust or custodial account that pays or reimburses qualified medical expenses. The account must be designed as an HSA when it is created. Employer contributions are tax-free, and the account owner generally gets an income tax deduction for contributions by anyone other than the owner’s employer. Distributions from an HSA are tax-free if the money is used to pay or reimburse uninsured qualified medical expenses for the account owner, his or her spouse, or dependents.
The annual contribution limits, adjusted each year for inflation, are different for single and family policies. The money in your HSA can be distributed tax-free up to the amount of the qualified medical expenses you pay.
YOU are responsible for determining whether a cost is a qualified medical expense, and that contributions made to your HSA do not exceed your contribution limit. HSA accounts are interest bearing. You should consult your tax advisor concerning the tax laws. Member Services Representative, Kristen McCrary or Debbie Holden can open your account and answer your questions.
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Brevard, NC 28712
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Pisgah Forest, NC 28768
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