Health Savings Account (HSA)

Health Savings Account (HSA)

It's hard to plan for your health (bodies are fickle like that). So why not plan ahead? A health savings account lets you set aside money to spend specifically on healthcare.

Accessing your funds is easy and can be used to pay for doctor appointments, meds, and more. And your HSA belongs to you, not your employer, so you can roll it over year to year.

Features
  • Must be enrolled in a high deductible healthcare plan
  • Pre-tax dollars to use toward medical-related expenses, including
  • Doctor visits
  • Prescription drugs
  • Surgeries
  • And more
  • $20 set up fee
  • $20 Annual fee
  • Money rolls over year to year
  • No "use it or lose it" policy
  • HSA is owned by you, not your employer
  • Several simple ways to access your funds
  • $200 minimum deposit to open HSA Interest Checking
  • $100 minimum deposit to open HSA Regular Savings
  • FDIC insured up to $250,000
What is a HDHP?

A HDHP is a health insurance plan with an annual deductible no less than $1,250 for self-coverage and $2,500 for family coverage.

  • Types of HSA Accounts at Pioneer Bank:
  • Interest Checking
  • Regular Savings
  • Certificate of Deposits

For further information on IRAs and HSAs, please contact any of our eight locations.

Eligibility

Eligible individuals covered under high-deductible health plans may open an HSA and use the money tax-free (including earnings) to pay for qualified medical expenses.

To be eligible:

  • You must be covered by a high deductible health plan (HDHP) on the first day of a month to qualify for eligibility for that month
  • You must have a minimum deductible of $1,250 for individuals or $2,500 for families.
  • Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $6,350 for individuals or $12,700 for families.
  • Maximum contribution cannot exceed $3,300 for individuals and $6,550 for families.
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions.
  • You cannot be covered by any other health plan that is not an HDHP.
  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else's tax return.

There are no eligibility restrictions regarding income level and there is no requirement of earned income to make contributions.