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.

Self-only Coverage

  • annual deductible: not less than $1,300
  • out-of-pocket expenses: not more than $6,550

Family Coverage

  • 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:
1-800-377-6909