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HSA - FAQ’s


We get Frequently Asked Questions about Health Savings Accounts all the time. Here are some of the most common. 


Q: Can I have just a Health Savings Account? 


A: No. You cannot have a Health Savings Account (HSA) without also having a qualifying High Deductible Health Plan (HDHP). This can be individual or group health coverage.   


Q: If I drop or lose my High Deductible Health Plan do I also lose my Health Savings Account?


A: No. Once your HSA is established the monies in it are yours forever, even if you no longer have a qualifying High Deductible Health Plan. Without a High Deductible Health Plan you can no longer contribute to your HSA, but again the account and balance are still yours. They are not lost. 


Q: What are the main advantages to a Health Savings Account?


A: HSAs are referred to as “triple tax advantaged”

  1. Monies you contribute to your account are tax deductible

  2. All investment gains from HSA monies are tax free

  3. When HSA monies are spent for medical expenses they come out tax free 

      

Q: How much can I put into a Health Savings Account?


A: There is no maximum allowed balance. Annual contribution maximums ,however, are limited, but increase slightly each year. For 2026 the limits are:

  • $4,400 for individual coverage

  • $8,750 for family coverage

  • $1,000 additional annual catch up contribution for ages 55+ 


Interested in learning more? We’re here to help.

BMA Financial Insurance Services is your trusted partner that can help bring clarity and understanding to whatever your situation may be. Let us help explain your options. Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics.  


BMA Financial Insurance Services is your trusted resource. Let us serve you today!  


Mark Bradley

BMA Financial - Insurance Services

501.499.4205


Have other Questions?

For all other questions Contact us, we are ready to assist you.

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