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FREQUENTLY ASKED QUESTIONS
Health Savings Account (HSA)
This is a savings account from which you can generate tax deductible funds to meet your healthcare expenditure needs. If you have registered for High Deductible Health Plan (HDHP) and if you pay taxes in the United States, only then you will be given tax advantage under the Health Savings Account (HAS). Visit the officialU.S. treasury sitefor the amount you are eligible for.
High Deductible Health Plan (HDHP) deductible amount
The medical expenses you incur before your medical insurance starts to cover your healthcare expenses. In 2013, the minimum deductible amount was $1,250 for individual and $2,500 for family.
High Deductible Health Plan (HDHP) coverage type
Choose whether the HPHP is for ‘Single’ or ‘Family’ insurance coverage.
HSA savings goal
Your planned amount of savings from the Health Savings Account after your retirement.
Years before retirement
Remaining number of years before your retirement.
Current Health Savings Account (HSA) balance
Current balance of the Health Savings Account (HSA).
Monthly heath care expenses
Amount of money you are expecting to spend monthly on qualified medical expenses.
Annual rate of return
Annual rate of return as expected from the savings account.