Senior Vice President of eHealthInsurance Bob Hurley discusses the amounts that can be contributed to an HSA.
Host: How much money can I put into my account? Bob Hurley: The Health Savings Accounts are a very powerful savings tool for your healthcare costs. This year, each year the amounts that you can contribute to your HSA increment based on a schedule that the government puts out. But this year, an individual consumer can put into their HSA account up to $2,900 for the year and a family can put in up to $5,800.In addition to that if you are 55 years or older they allow you to accelerate your contributions to the account. So this year they are going to allow you to put in an additional $900 in your account if you are 55 or older. So as you can see that's quite a big money that you are able to put away into a savings account and again, it's there for you for the future if you need it for healthcare related expenses.It's very powerful because if you're an early retiree who is buying your own Health Insurance it's a great vehicle for you to stash some money away and have it there available for yourself for those health situations that may occur, but then you can also carry it into your Medicare eligible years have it there available for those items not covered under Medicare.So it's an extremely valuable savings tool and I would encourage all of you to learn more about them and if you can't make that full contribution of $2,900 for an individual and $5,800 for a family then contribute what you can into that account because it's obviously, going to be very powerful for you because of the tax advantages associated with the account.
Videos in this Series