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Health Savings Account

Health Savings Account

Healthy finances, healthy you

Make the most of every healthcare dollar.

A Health Savings Account (HSA) is a special account, owned by an individual, where the funds deposited are used to pay for current and future qualified medical expenses. HSAs are available only to individuals covered by a qualified high deductible health insurance plan.

In addition to the plan’s deductible, there are many factors to consider when determining if a health insurance plan is HSA qualified. To find out if your insurance plan qualifies, please check with your insurance agent.

2021 HSA Contributions

In 2021, those covered by an individual health insurance plan, may contribute $3,600 to their HSA. For those covered by a family health insurance plan, the contribution limit is $7,200. 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

2020 HSA Contributions

In 2020, those covered by an individual health insurance plan, may contribute $3,550 to their HSA. For those covered by a family health insurance plan, the contribution limit is $7,100. 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 Digital Banking, mobile check deposit, Bill Pay, eStatements and electronic teller.

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!

*$100 minimum deposit required to earn interest. Tiered rates based on balances.

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