Health Savings Account

Mountain West IRA – Health Savings Accounts

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.

Who can have an HSA?

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

 

2018 Contribution Limit:

Minimum
Deductible
Maximum
Out-of-Pocket
Contribution Limit 55+ Catch up Contribution
Single $1,300 $6,550 $3,450 $1,000
Family $2,600 $13,100 $6,850 $1,000

 

Self-Directed Health Savings Account (HSA) Application (PDF)