Health Savings Account

Save for your medical expenses

Health Savings Account

A Health Savings Account (HSA) is designed to pay for medical expenses. It can help you save for a time when money is surely needed, as well as provide favorable tax treatment.

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Health Savings Accounts
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Security: Your high deductible insurance and HSA protect you against high or unexpected medical bills.
Affordability: You should be able to lower your health insurance premiums by switching to health insurance coverage with a higher deductible.
Flexibility: Use the funds to pay for medical expenses, including those your insurance may not cover. You also can save the money in your account for future needs.
Savings: Save the money for future medical expenses and grow your account through investment earnings.
Control: You decide how much money to put into the account, whether to save for future expenses or pay current medical expenses, and which medical expenses to pay from the account
Ownership: Funds remain in the account from year to year, just like an IRA. There are no “use it or lose it” rules.
Tax Savings: HSA contributions are tax deductible and distributions used to pay or reimburse qualified medical expenses are tax free.

Eligibility for a Health Savings Account

Contribute to an HSA if you:
Have coverage under an HSA-qualified High Deductible Health Plan (HDHP).
Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
Are not enrolled in Medicare.
Are not claimed as a dependent on someone else’s tax return.
Contributions can be made by you, your employer or both but are limited annually.
Tax Year Annual Regular Contribution Limit Additional “Catch-Up” Contribution for IRA Owners Age 55 and Older
2019 $3,500 (Single)
$7,000 (Family)
$1,000 (Single $4,500) & (Family $8,000)
2020 $3,550 (Single)
$7,100 (Family)
$1,000 (Single $4,550) & (Family $8,100)

Health Savings Account Rates

5 APY = Annual Percentage Yield correct as of 6/5/15. Dividends are compounded and credited monthly. Rate is subject to change after account is opened.

Minimum Deposit to Open Minimum Balance Tiers APY* / Dividend Rate
none $1,000 0.10% / 0.10%
none $20,000 0.10% / 0.10%
none $75,000 0.15% / 0.15%

The information provided is not intended as tax advice. Please consult a tax advisor for additional information regarding tax deductions and HSA eligibility.

“Using my HSA to pay for prescriptions or medical bills is so easy. I also appreciate the detailed transaction report at the end of the year.”

Member since 2004

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