Health Savings Account

Health Savings Account

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Health Savings Account

Health Savings Account definition:  A health savings account (HSA) is a tax-exempt savings vehicle for medical expenses. Family members may make contributions on behalf of other individuals. Money contributed to the account is income tax deductible for the account-holder. (See IRS limits for annual contribution amounts.) Earnings and withdrawals for qualified medical expenses are not taxed.  Beneficiaries are named for health savings accounts, and spouses are not taxed when they receive an HSA as the beneficiary after a death.  All non-spouse beneficiaries are taxed when receiving an HSA. There are specific criteria to be eligible for an HSA, including no other medical coverage except for a high-deductible health plan and not claimed as a dependent.

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