Health Savings Account (HSA)
Combine physical health with financial health and you have an HSA. This tax-advantaged account allows you to save for healthcare expenses on a tax-free basis. Since it's your account, it's not tied to any specific employer and funds roll over year to year.
Our HSA helps put your healthcare back in your hands, while keeping the taxman's hands out of your pocket.
- Summary
- No setup or annual fees
- $100 minimum deposit to open
- Earn competitive interest on entire balance
- Make deposits directly from before-tax income*
- 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 check, debit, online, teller
*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 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
- Eligibility
- Must be covered under a qualified, high deductible 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 2010 contribution limits are:
- $3,050 for a single person
- $6,150 for a family
- A person age 55 or older may make an additional $1,000 in "catch-up" contributions
