Health Savings Account- Wealth Saver through IBX

A health savings account (HSA) is a tax-advantaged savings account that can be used to save for health care expenses. You must be enrolled in an HSA-qualified high-deductible health plan to be eligible to open an HSA. You don’t pay taxes on the money you put in, on the money you take out for qualified medical expenses, or on any money you earn on the account.

Qualified medical expenses include your out-of-pocket costs (copays, deductibles, coinsurance) along with some health care services not covered by a health plan, such as LASIK surgery. There’s a maximum amount that you can contribute to an HSA each year; however, if you don’t use all of the money within your benefit period, it rolls over to the next year. (See IRS publication 969 for more information about HSAs.)

For 2025, the HSA contribution limits are:

• $4,300 for individual coverage
• $8,550 for family coverage
• $1,000 in additional catch-up contributions for individuals between ages 55 to 65