An HSA works in partnership with a high-deductible health plan (HDHP). It allows you to save pre-tax dollars for out-of-pocket medical expenses including pharmacy, dental and vision expenses.
You are eligible for a health savings account if all of the following statements are true:
To take full advantage of tax savings and to build a reserve for the future, it is suggested that you maximize your contributions as set by the IRS.
Catch-up contributions are allowed for those greater than 55 years of age ($1,000 in 2019 and $1,000 in 2020).