Health Savings Account Wisconsin

Health Savings Account Wisconsin

Health Savings Accounts (HSAs) allow enrollees to control their medical decisions and medical spending. HSAs are paired with high-deductible health insurance plans to provide cost-effective ways for employees and employers to manage healthcare costs and provide affordable coverage.

HSAs were created to give employees an incentive to manage their health care spending, where account funds grow and carry over from year to year to help pay for future medical expenses. The employer and employee can make tax-free contributions into the HSA account to cover out-of-pocket medical costs. The idea is that employees who are spending their HSA money to satisfy the deductible, copayments for prescriptions and doctor visit costs will be more cost-conscious and judicious in their spending choices.

HSAs create a unique incentive structure that provides affordable health care coverage for both the employer and the employee. Get started with an HSA today using our quoting engine below, or read on to learn more about how an HSA can meet your health care needs.

Why an HSA may be right for you?

Health Savings Accounts and high-deductible health plans are a great option for people who are in good health, have a solid estimate of their expected health care costs for the year, or who prefer more flexibility in choosing doctors than the typical Health Maintenance Organization or Preferred Provider Network offers.

What are some details and benefits of HSAs?

An HSA and high-deductible health insurance plan:
  • Offers lower premiums than most medical insurance plans.
  • Helps employees control their healthcare dollars.
  • Gives enrollees the ability to use tax-advantaged savings to pay out-of-pocket medical expenses, such as prescriptions, copays, and deductibles. This money does not have to be used in the year and can be rolled over and allowed to grow to cover anticipated medical expenses in the future. There are no income restrictions on HSA participation, just a qualified high-deductible medical policy.

Health Savings Account Wisconsin Contribution Limits

An HSA is a tax-advantaged account that works with a HSA-qualified health plan. To take advantage of the tax benefits, you must be enrolled in an HSA-qualified health plan and own and contribute to an HSA.

Internal Revenue Code Annual Contribution Limits3, Minimum Deductible, and Maximum Out-of-Pocket Expenses

Tax year 2015 Tax year 2016
HSA annual contributions limits Individual coverage – $3,350
Family coverage – $6,650
Individual coverage – $3,400
Family coverage – $6,750
HSA catch-up contributions $1,000 for an account holder age 55 or older $1,000 for an account holder age 55 or older
Minimum deductible Individual coverage – $1,300
Family coverage – $2,600
Individual coverage – $1,300
Family coverage – $2,600
Maximum out-of-pocket expenses Individual coverage – $6,550
Family coverage – $13,100
Individual coverage – $6,550
Family coverage – $13,100
  1. All tax references are at the federal level. State taxes may vary. Please consult with your tax advisor.
  2. Contact your insurance provider if you have questions on whether your health coverage is HSA-qualified. Other HSA-eligibility criteria apply including: cannot be enrolled in Medicare, cannot be covered in a health plan that is not an HSA-qualified plan (with limited exceptions), have received VA medical benefits in the past three months, or be eligible to be claimed as a dependent on someone else’s tax return.
  3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contribution limits — Wells Fargo does not monitor your contribution limit. Consult your tax advisor with questions about how limits apply to your situation.

Health Savings Accounts are an invaluable resource for those looking for affordable health care coverage. For more information about the benefits and advantages of HSAs, please call our office locally at 262.299.4904 or toll free at 866.575.3313 or email us at info@milzhealthgroup.com to speak with an experienced HSA expert!

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