Health Savings Account
What is an HSA?
A Health Savings Account, also known as an HSA, is an individually owned savings account that offers tax savings (contributions are pre-tax dollars, interest accumulates tax-free, and funds are withdrawn tax-free for healthcare expenses). Funds can be invested, and any unused dollars will continue to roll over from year to year. HSA funds can be used for the healthcare expenses of your legal spouse and tax dependent children.
Who is eligible for an HSA?
To be eligible to open and contribute to an HSA, individuals must participate in a qualifying high-deductible health plan (HDHP) and cannot be covered under any other health insurance that is not an HDHP. Individuals cannot be enrolled in Medicare, Medicaid, or Tricare. A healthcare FSA is not allowed in conjunction with an HSA and individuals cannot be claimed as a dependent on someone else’s tax return. A limited purpose FSA (to be used for dental/vision expenses only), is available to those individuals that participate in the HSA.
Argus contributes $75 per month toward the HSA (for individual and family). Keep in mind that annual contribution maximums below include employee and employer contributions.
The IRS maximum contributions below include all deposits/contributions made during the calendar year (both your contributions and the Company’s.) It is important to be mindful of the annual limits, as you will incur penalties for exceeding the maximum contribution amounts.
2025 IRS Maximum Contribution |
|
---|---|
Individual |
$4,300 |
Family |
$8,550 |
Catch-up for ages 55+ |
Additional $1,000 |
Resources
Frequently Asked Questions