Health Savings Account

HEALTH SAVINGS ACCOUNT (HSA)

  • We have step-by-step directions HERE.
  • You may also view our Process Diagram HERE.
  • If you have any questions, please contact our office HERE.

A Mountain West IRA self-directed Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Contributions to the HSA are 100% deductible, just like a traditional IRA. Unlike a traditional IRA, distributions used to pay qualified medical expenses can be taken tax-free at any time. All other assets left in the account remain tax-deferred.

  • Covered by qualified high deductible health insurance plan (HDHP).
  • Not covered by other health insurance.
  • Not enrolled in Medicare.
  • Not another person’s dependent.

Health Savings Account Contribution Limits
2021 Limits Minimum Deductible Maximum Out-of-Pocket Contribution Limit
Single
$1,400
$7,000
$3,600
Family
$2,800
$14,000
$7,200
55+ Single
$1,400
$7,000
$4,600
55+ Family
$2,800
$14,000
$8,200
2021 Limits Single Family
Minimum Deductible
$1,400
$2,800
Maximum Out-Of-Pocket
$7,000
$14,000
Contribution Limit
$3,600
$7,200
2021 Limits 55+ Single 55+ Family
Minimum Deductible
$1,400
$2,800
Maximum Out-Of-Pocket
$7,000
$14,000
Contribution Limit
$4,600
$8,200

SELF-DIRECTED IRA EDUCATION

Click here to download → 2021 Contribution Limits

Click here to download → 2020 Contribution Limits

If you’re looking for self-directed IRA companies, look no further than Mountain West IRA. We take great pride in helping our clients create the IRA retirement plan that will provide you with the solid financial foundation you need to ensure you can live comfortably in your retirement years.

 

Mountain West IRA is a nationally trusted self-directed IRA administrator. We accept a vast array of alternative investment options so you can create a diverse alternative asset portfolio that yields the results you are looking for to fund your retirement years, while being in control of your retirement.

You can access all of our webinars HERE.

Click here to download → Process Diagram

Prohibited transactions in IRA