Health savings accounts are tax-exempt trusts or custodial accounts set up with a qualified HSA trustee to pay or reimburse qualified medical expenses incurred by eligible individuals including an eligible individual’s spouse and dependents. To be eligible an individual must first be covered under a high deductible health plan (HDHP).
Tax-exempt contributions can be made to the HSA by the employee (eligible individual), employer, or both, and the interest or other earnings on the assets in the account are tax free. Annual maximum HSA contributions amounts are determined by the IRS. Distributions from the HSA to pay for qualified medical expenses are also tax free.
Our comprehensive range of benefits makes the OSMA Insurance Agency the source for all your insurance needs.