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Health Savings Accounts

Health Savings Accounts (HSAs) are a component of High Deductible Health plans (HDHPs) and are a tax advantaged way to save for future medical expenses.  Even if you don’t itemize, contributions to HSAs are tax deductible, up to the following limits.  Individuals with a HDHP can contribute up to $3,350 to an HSA and families can contribute up to $6,750, there is also a catch up provision for those over age 55.