Health Savings Account (HSA)
A Health Savings Account can help you with high deductible health plans, save for qualified medical expenses and earn an Annual Percentage Yield on your account.
- No set-up or monthly fees.
- Unlimited withdrawals
- HSA contributions are tax deductible
- HSA earnings are tax deferred
- Helps pay your deductible on a High-Deductible Health Care Plan (HDHP).
- No income limits to be eligible.
- Unlike Flex Acounts, unused balance at the end of the year will rollover into the next year.
Contributions Level for 2016:
- Maximum contribution for an eligible individual with self-only coverage is $3,350.
- For family coverage maximum contribution is $6,750.
- Catch up contributions for individuals 55 years and older is increased by statute to $1,000 for 2016.
- Both the HSA and catch up contributions apply pro rata based on the number of months of the year the taxpayer is eligible.
- annual deductible: not less than $1,300
- out-of-pocket expenses: not more than $6,550
- annual deductible: not less than $2,600
- out-of-pocket expenses: not more than $13,100
For additional information regarding HSA's please contact one of our Personal Bankers today or call: