Congratulations! You have your HSA-qualified policy in place. You have opened your health savings account and are ready to start funding it!
In a perfect world, you would sit down and write a check for the full amount you can fund for the year, based on your coverage.
2013 Single Coverage: $3,250.00 ( + $1,000 catch up contribution if you are 55 or older) = $4,250.00
2013 Family Coverage: $6,450.00 ( + $1,000 catch up contribution if you are 55 or older) = $7,540.00
As nice as that sounds, not everyone can fully fund their HSA. But with our handy HSA Medical Expense Worksheet, you can fund what you think you will need based on last year's expenses. With a little planning, you can be ahead of the game when it comes to paying for qualified medical expenses.
Medical Expense Worksheet
The beauty of a funded HSA is having money available when you need it. If you anticipate a medical expense coming up, you can fund your account for the amount and use it immediately. You get the tax break. If you don’t have as many expenses as you thought you might, you can let the funds roll over and grow each year.
Funding your HSA – any way you look at it, it’s a win-win situation!
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