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| How do the tax savings work? |
HSAs make it easy to save on your taxes:
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At the end of each year, you will be sent a statement showing the amount you contributed to your HSA that year. You can deduct this amount provided it is less than or equal to the maximum allowable contribution. |
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Much like an IRA, HSA deductions are "above-the-line" and thus can be taken even if you do not itemize. |
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If you are self-employed, in addition to deducting your HSA contributions, you may be able to deduct 100% of your health insurance premiums, provided that:
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You are not eligible to participate in a subsidized health plan offered by an employer or your spouse's employer. |
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The deduction does NOT exceed the amount of net income from your business.
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The information above is provided for general purposes only and is not tax advice. eHealthInsurance urges you to consult with your accountant or tax advisor before opening a health savings account to determine if it is appropriate specifically for you. |
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