KBenefits Insurnace Services
Health Savings Accounts

Health Savings Account


What is a Health Savings Account?

  • An HSA is a savings account at the bank.
  • An HSA contain funds that are owned and controlled by you, the account holder. 
  • HSA savings rollover every year, you don't lose it.
  • An HSA is portable.  The funds remain with you regardless of employment. 


Health Savings Accounts:

HSA's are designed for consumers to pay for upcoming medical expenses.  If you don't use the HSA funds, an HSA's is a good way to save for future medical expenses.  HSA can be funded with “pre-tax dollars”.  Funds grow “tax-free” while in the HSA account.  And HSA funds can be withdrawn for Qualified Medical Expense “tax-free”. 

Qualified Medical Expenses include your out-of-pocket expenses for copays, deductibles, prescriptions costs, over the counter drugs, dental care and or vision care.  Funds can also be used for COBRA premiums during periods of unemployment.  Your funds can be used for medical expenses after retirement and include long-term care expenses.

Here is a list of QME's approved by the IRS. 
click here


Additional HSA Information:

  • Contribute up to $3,850 individual / $7,750 family in 2023
  • Catch-up Contributions:  Additional $1,000 if you are age 55+
  • Monies roll from year to year
  • Access H.S.A. funds through a debit card, checkbook or online transfer.
  • Contributions can be changed anytime throughout the year
  • Some banks charge a monthly administration fee for all active, eligible account holders
  • There is a 20% IRS penalty for non-qualified withdrawals. 
HSA - IRS publication
p969 HSA.pdf
Adobe Acrobat document [1.4 MB]

Contact us for questions, plan options and free enrollment assistance.

Christopher S. Kudryk

KBenefits Insurance Services
Employee Benefits

Individual Health Insurance
Medicare Plan Options


Christopher S. Kudryk
Insurance Specialist

KBenefits specializes in health, dental, vision, life and medicare insurance for employers and individuals in NJ & NY.

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