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Health Savings Accounts
Health Savings Accounts (HSA) are a cost-effective way to add to your employee benefits package. They can be opened by your employees to make tax-advantaged contributions. The funds can then be withdrawn by them, tax-free, for qualified current and future healthcare expenses not covered by insurance.
- Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
- Have no other medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
- Are not enrolled in Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
For details, contact your Key relationship manager or the Health Savings product manager.
*See IRS Publication 502 for a detailed list of qualified medical expenses.
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