Health Savings Accounts (HSAs)

If you enroll in a High Deductible Health Plan (HDHP) you can enroll in a Health Savings Account. Think of an HSA as a savings account for your health care expenses. Just like your personal savings account, you decide when and how to use your money—now or in the future. The HSA allows you to set aside pre-tax dollars to pay for eligible health care expenses such as:

  • Medical deductibles and copayments
  • Prescription drug expenses
  • Dental and vision care


Here are several reasons people enroll in an HSA:

You Own It
loanDepot's contribution and your own HSA contributions are yours. You can take it with you when you retire or leave loanDepot for any reason.
Free Money When you enroll in a HDHP + HSA Plan, loanDepot will match your contributions up to certain amounts (see below).
It's Useful Use it to pay for any health care expense you would normally pay out of your pocket (e.g., deductibles, coinsurance and prescription drugs).
Watch it Grow Your unused funds roll over from year-to-year and grow with interest – tax-free. Think of your HSA as your long-term health care savings plan to pay for expenses as they come up or in the future.
Triple-tax Advantage The money you contribute goes in tax-free, grows with interest tax-free, and comes out tax-free (as long as you use it to pay for eligible health care expenses).

 

Contributions

Contributions come from two sources – you and loanDepot. If you contribute to the HSA, loanDepot will match your contributions up to certain amounts. You can change your HSA contribution at any time during the plan year.

The table below shows the amount that loanDepot will match, and the maximum that can be contributed to your HSA in 2019.

HSA CONTRIBUTION LIMITS

Plan Covered Dependents Total limit for 2019 loanDepot matches up to: Max you can contribute:
HDHP + HSA $1500 Single $3,500 $250 $3,250
Family $7,000 $500 $6,500
HDHP + HSA $3500 Single $3,500 $1,000 $2,500
Family $7,000 $2,000 $5,000

Note: Most state tax laws align with federal laws in regards to HSAs, with some exceptions. Employee and employer 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.

To see how pairing a High Deductible Health Plan and a Health Savings Account can save you money compared to a traditional EPO or PPO health plan, check out our cost comparison.


 

  • You must be enrolled in a High Deductible Health Plan
  • You must elect to enroll in the HSA when you sign up for your benefits
  • You can’t be claimed as someone else’s dependent
  • You can’t be covered by other disqualifying insurance, such as any part of Medicare or any health insurance plan that is not a high deductible plan
  • Neither you nor your spouse (if applicable) can be enrolled in a healthcare Flexible Spending Account
  • The USA PATRIOT Act requires our third party HSA administrator, Discovery Benefits, to verify personal information such as your address, name and date of birth. If they are unable to verify this information, they will reach out to you to provide documentation to verify your information. If you do not respond with the appropriate documentation, your account will be closed and any payroll contributions you made will be refunded. 

If you are not eligible to contribute to an HSA, you may be able to contribute to an FSA instead.