New Health insurance, Now HSA

[noelm]

Hello folks,

Need some insight from the experts.

I always had a EPO type of insurance from my employer. Now it has changed to HSA type and has a $4000 deductible for my family of 3. I am on this full-time job just 2 years now. Never looked into tax savings options.

I was wondering how best I could use this $4000 to deduct from my taxes. I use quite a lot of prescription meds for my chronic conditions. Without insurance, they cost about $500 for 3 month supply. I do not take much of OTC medications.

Any insight in this regard is welcome.

Many thanks in advance.

(P.S. - If you need any more information, please drop a line and will update)

[MichaelB]

You can take up to a $6450 above the line adjustment to income if you (and / or our employer) deposit that amount in a HSA account. You pay for the meds out of pocket and deduct as eligible medical expense the amount >10% of your income, or you can pay for it from the HSA funds.