Health Savings Account

Health Savings Accounts (HSAs) are an essential component to successful participation in a High Deductible Health Plan (HDHP). With a HSA, you set aside money on a pre-tax basis to cover costs towards deductible and coinsurance for your medical plan.

These funds can be utilized to cover copays, deductibles, and coinsurance.

Like a savings account, you decide what amount to elect, and when/how to use it.

Electing a high-deductible plan can feel risky, but an HSA helps.

Enrollment in this benefit is permitted only during your initial new hire enrollment period, the annual open enrollment period, or if you experience a qualifying life event (as defined by IRS regulations), which allows you to make a mid-year election change.

Please contact liveWell@loanDepot.com with any questions.

Links and Resources

You Own It

Your contributions are yours – you can take them with you when you leave loanDepot for any reason

HSA Eligibility Checklist

Enrolled in a HDHP
Not covered by any other health insurance that is not an HDHP (including any part of Medicare)
Cannot be claimed as someone else's dependent
Not enrolled in an FSA (either self or spouse's plan)

Contribution Limits

If you are 55+ you are eligible to contribute an additional $1,000 to your health savings account.

Note: Most state tax laws align with federal laws in regards to HSAs, with some exceptions. Employee contributions to an HSA are taxable at the state level in California and New Jersey. Please check with your tax preparer or accountant for the most up-to-date guidance on taxation of HSA contributions.