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Health Savings Account | Ambetter from Magnolia Health
Health Savings Account
Save for Healthcare Costs with a Health Savings Account
A Health Savings Account (HSA) offers an easy way to save and pay for approved healthcare costs. It’s a savings account that you contribute to during the year, like a retirement account. Then, you can use it to pay for many health-related costs, such as pharmacy copays and doctor office visits. Plus, you don’t have to pay federal taxes as you add money to an HSA or when you use it for approved healthcare costs.
Setting Up Your HSA
Choosing an Ambetter Essential Care 2 HSA (2018) health plan gives you the option of pairing it with an HSA. Follow the steps below to set up your account.
- Contact your bank to ask about opening an HSA.
- Decide how much you want to contribute to your HSA. For 2018, the maximum IRS contribution is $3,450 for individuals and $6,900 for families. If you are 55+ you can make an additional $1,000 catch-up contribution
Enroll in your HSA
Keep these other key points in mind to help you decide if an HSA is right for you:
- You choose how to use your HSA dollars.
- Your HSA funds never expire. If you have any unused dollars in your account at the end of the year, they simply roll over to the next year.
- Your HSA belongs to you. You can keep it when you change jobs or retire.
If you have any additional questions, please contact us at 1-877-687-1187.