Health Savings Account

Health Savings Account

Add More Savings Power to Your Health Plan

Funds deposited to a Health Savings Account (HSA) are used to pay for current and future qualified medical expenses. The HSA is available only to individuals covered by a qualified high deductible health insurance plan. To find out if your insurance plan qualifies, please check with your insurance agent.

2016 HSA Contributions

In 2016, those covered by an individual health insurance plan, may contribute $3,350 to their HSA. For those covered by a family health insurance plan, the contribution limit is $6,750. A “catch-up” contribution of $1,000 is allowed for individuals who are 55 years of age and older. Once enrolled in Medicare, HSA contributions must cease.

2017 HSA Contributions

In 2017, those covered by an individual health insurance plan, may contribute $3,400 to their HSA. For those covered by a family health insurance plan, the contribution limit is $6,750. A “catch-up” contribution of $1,000 is allowed for individuals who are 55 years of age and older. Once enrolled in Medicare, HSA contributions must cease

Benefits of the HSA:

  • HSA contributions and interest earnings accumulate on a tax-deferred basis. They can be tax-free if used for qualified medical expenses.
  • With no end-of-year deadline to use up accumulated funds, your HSA balance may be carried over from year to year.
  • You determine when and how much to contribute (within the federally regulated guidelines).
  • You decide when to use the funds or when to save them for future qualified medical expenses.
  • Free Debit Card
  • Free Online Banking, Online Bill Pay and E-statements

Fees

  • Set-Up – $25.00 Fee
  • Monthly Maintenance Fee – None
  • Checks Written – Unlimited

For more information, please contact us. We have HSA specialists ready to help!

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