What is HSA account?

[Hector]

Hi,

I need some information regarding HSA account.

As far as I know, it is tax-deductible and you can withdraw money only for health related expenses.

Can I open this account as joint owner with spouse?

What happens to the money it is not being used?

Where can I open this account?

How do I include it in tax-return?

[maat55]

An HSA is a health savings account. To qualify for one, you have to be enrolled in a high deductable health insurance policy. You can use them to pay for qualified healthcare expenses tax free.

Health Savings Account Deduction: Tax Deduction for Health Savings Accounts

Here is just one place to open one.

Navigate to a Health Savings Account - Accountholders - HSA Bank

[jIM_Ohio]

To qualify for an HSA your health plan needs to be a HDHP (High deductible health plan). The custodian of the HSA controls the account rules, depending on who the HDHP is thru, the two plans might be linked.

[Jeff78703]

To try to directly answer your questions:

Can I open this account as joint owner with spouse? I don't think so unless the spouse also has a qualified health plan. BUT you can get a card for your spouse and he/she can use it for household health care expenses so its the same difference.

What happens to the money it is not being used?

The money stays there unlike an FSA. You can close the account and take it out if you want, but you'll owe the taxes on what's disbursed.

Where can I open this account?

most banks have an option for it if your part of an HDHP plan.

How do I include it in tax-return?

There is a form I filed for this, but can't remember what it was called...IRS website should have it.

[SimplySaving]

I think the High Deductable Health Plan with an HSA are going to be the way of the future. Less and less employers are offering benefits now and a plan like this has lower monthly premiums to pay for individually. Plus the money you don't use from one year rolls into the next. It really gives you more control over your health care.

[JoshuaHeckathorn]

How do I include it in tax-return?

Fill out form 8889 and include it with your tax return. You can contribute up to $6,150 for family coverage this year!

[devan]

A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan.