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New Jersey Health Savings Accounts

New Jersey HSA
Find HSA-compatible plans in NJ

What is an HSA?

An HSA is tax-favored savings account that is used in conjunction with a high-deductible HSA-compatible health insurance plan to make healthcare more affordable and to save for retirement.

New Jersey residents can pay for qualified medical expenses with pre-tax dollars and save for retirement on a tax-deferred basis.

eHealthInsurance works with New Jersey insurance providers that offer health plans compatible with an HSA. Compare HSA-compatible health plans in New Jersey and select the plan best that works best for you and your family.

Advantages of a Health Savings Account

You may save money in the short and long term by:
  • Deducting 100% of your HSA contributions from your taxable income
  • Having the money in your HSA accrue interest and/or gains on a tax-free basis
  • Paying no penalties or taxes when you use your HSA to pay for qualified medical expenses
  • Having a high-deductible HSA-compatible health insurance plan, which typically has a lower premium than a plan with a lower deductible

Annual Contribution Levels for HSAs

  • For 2010, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,050.
  • For family coverage, the maximum annual HSA contribution is $6,150.
  • Catch up contribution for individual who are 55 or older is $1,000 (set by statute and unchanged from 2009).

Out-of-Pocket Spending on HSA-Compatible High Deductible Health Plans (HDHP)

For 2010, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,950 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,900.

Minimum Deductible Amounts for HSA-Compatible HDHPs

For 2010, the minimum deductible for HDHPs increases to $1,200 for self-only coverage and $2,400 for family coverage

New Jersey Income Tax Treatment on HSA Contributions

Residents of New Jersey cannot deduct HSA contributions on their New Jersey personal income taxes*.

*Source data according to Kaiser Family Foundation:
Data as of February, 2008.
Laws regarding HSAs are subject to change, please always check with a licensed agent or the IRS (www.irs.gov) regarding rules and regulations.

Most usable health insurance exchange: ehealth

NJ HSA-Compatible Plan Providers

  • AmeriHealth - New Jersey
  • Horizon Blue Cross Blue Shield of New Jersey

Best Sellers

  • IHC Silver EPO HSA Regional Preferred $50/$75
    Provider: AmeriHealth - New Jersey
  • OMNIA Silver Saver HSA
    Provider: Horizon Blue Cross Blue Shield of New Jersey
  • IHC Silver EPO AmeriHealth Advantage $45/40%
    Provider: AmeriHealth - New Jersey
  • IHC Bronze EPO Local Value $50/$75
    Provider: AmeriHealth - New Jersey
  • IHC Bronze EPO HSA Local Value 50%/50%
    Provider: AmeriHealth - New Jersey

Health Savings Account Resources

  • HSA Administrators
  • HSA Savings Calculator