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3 Big Benefits of Health Savings Accounts

Number 1

Triple-Tax Advantages

Triple-Tax Advantages:

Contributions are tax free, potential interest accumulates tax free, and distributions are tax free when used to pay for qualified medical expenses.

Number 2

Flexibility

Flexibility:

At age 65, any remaining HSA funds can be withdrawn for non-medical reasons without penalty.

Number 3

Portability

Portability:

The employee owns all HSA funds. The accumulated balance in the account rolls over from year to year, and accounts move with employees even if they change employment or retire.

Why Avidia Health?

An Avidia Health HSA is a convenient and smart way to pay for medical expenses and reduce your taxable income. An HSA is a tax-favored account used in conjunction with an HSA-compatible health plan, usually a High Deductible Health Plan (HDHP).

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Zero monthly maintenance fees

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Free online bill pay

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Debit cards

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Mobile App

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Tax Reporting

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HSA Contributions Limits

2022

HSA Contribution Limits:

single

$3,650


family

$7,300

2021

HSA Contribution Limits:

single

$3,600


family

$7,200

catch up

Contribution Limits 55 and Older:

single

$1,000


family

$1,000

HSA Eligibility

To be eligible for an HSA, you must meet the following requirements, determined by the IRS

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Have coverage under an HSA-qualified high-deductible health plan (HDHP)

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Have no other medical coverage

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Are not enrolled in Medicare

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Cannot be claimed as a dependent on someone else’s tax return

Sign Up!

HSAs are easy to open, easy to use, and easy to maintain. You can open an HSA through your employer or on your own, and it only takes a few minutes.