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, dental and vision plans. 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. Not only can you set aside enough money to cover your out-of-pocket expenses, but loanDepot also helps by contributing a portion to your account on a quarterly basis.
Links and Resources
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MyChoice Phone: 844-436-7169
You Own It
Your contributions are yours – you can take them with you when you leave loanDepot for any reason
HSA Eligibility Checklist
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Enrolled in a HDHP
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Not covered by any other health insurance that is not an HDHP (including any part of Medicare)
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Cannot be claimed as someone else's dependent
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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.