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Health Savings Account (HSA)

An HSA allows you to take advantage of tax-free earnings while saving funds for medical expenses. This way, when you need medical care, you'll have the money for it. There is no "use it or lose it" policy; the funds are always yours, and always growing until you need them.

Health Savings Account (HSA)
Summary
  • $100 minimum balance to open
  • $5 opening fee, must be paid in cash
  • $25 annual fee
  • Free online banking
  • Contributions are tax free, for further questions please consult a Tax Advisor*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses**
  • Money rolls over year-to-year automatically
  • HSA is owned by you, not employer
  • Easy withdrawal access by debit card, check, online or in person
  • Rates are subject to change at any time

*If contributions are made after income was taxed, the amount deposited is tax deductible.

**Withdrawals for non-qualified medical expenses are subject to income tax and a 20% penalty. The 20% penalty is waived for persons 65 and over or who have become disabled.

Eligibility
  • Must be covered under a qualified, high deductible health plan
  • Must not have coverage by another type of health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare
Contribution Limits

Contribution limits are set by the IRS. Current 2014 contribution limits are:

  • $3,300 for a single person
  • $6,550 for a family
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions
Questions?