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A Health Savings Account (HSA) is a tax-free account that allows you to conveniently save and pay for your health care expenses. Not only does an HSA help you save for your future, but it also lowers your current taxable income. Plus, the HSA funds you do not use will remain available in your account and will continue to earn interest at TCU’s competitive interest rate.
And don’t forget, no taxes are taken out of the money you contribute to the HSA, the interest you earn, or the withdrawals that are qualified eligible expenses.
Contributing to your HSA
The amount you can add to your HSA each year is set by federal regulations. The deadline for contributions for the current year is typically April 15th of the following year.
To make the most out of your HSA, contribute the maximum amount allowed, see chart below:
Aim to save up to the amount of your insurance deductible or more to give yourself the chance to pay-off the deductible with tax-fee funds from your HSA and to cover your estimated expenses.
* Taxpayers who are 55 or older in 2022 may contribute an additional $1,000, or a total of $4,650 for individuals and $8,300 for families for the 2022 tax year.
Certain fees, conditions and membership requirements apply. See Products and Services Details for more information.
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