Health Savings Accounts (HSAs)

URI: https://gptkb.org/entity/Health_Savings_Accounts_(HSAs)
GPTKB entity
Statements (50)
Predicate Object
gptkbp:instanceOf tax-advantaged savings account
gptkbp:administeredBy banks
credit unions
insurance companies
gptkbp:availableOn individuals with high-deductible health plans
gptkbp:balanceCarriesOverYearToYear yes
gptkbp:canBe bonds
mutual funds
stocks
medical equipment
mental health services
prescription drugs
hearing aids
chiropractic care
qualified medical expenses
COBRA premiums
Medicare premiums (not Medigap)
dental expenses
long-term care insurance premiums
over-the-counter medications (with prescription)
vision expenses
fertility treatments
health insurance premiums (with exceptions)
non-medical expenses without penalty before age 65
gptkbp:catchUpContributionAge55Plus $1,000
gptkbp:contribution tax-deductible
gptkbp:contributionLimit2024Family $8,300
gptkbp:contributionLimit2024Individual $4,150
gptkbp:createdBy gptkb:Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act
gptkbp:earningsAre tax-free
gptkbp:establishedBy gptkb:United_States_federal_law
gptkbp:fundsRollOver yes
https://www.w3.org/2000/01/rdf-schema#label Health Savings Accounts (HSAs)
gptkbp:inheritance spouse
gptkbp:interestEarnedIs tax-free
gptkbp:introducedIn 2003
gptkbp:maximumContributionSetBy gptkb:IRS
gptkbp:noPenaltyAfterAge 65
gptkbp:notTiedTo employer
gptkbp:owner single
gptkbp:penaltyForNonQualifiedWithdrawals 20% before age 65
gptkbp:portable yes
gptkbp:regulates gptkb:Internal_Revenue_Service_(IRS)
gptkbp:relatedTo gptkb:Flexible_Spending_Accounts_(FSAs)
gptkb:Health_Reimbursement_Arrangements_(HRAs)
gptkbp:subject IRS rules
gptkbp:usedFor medical expenses
gptkbp:withdrawalsForQualifiedExpensesAre tax-free
gptkbp:bfsParent gptkb:HSA_Bank
gptkbp:bfsLayer 7