A Health Savings Account (HSA) allows you to provide your employees with a tax-advantaged* way to pay for healthcare. It offers flexibility, easy ways to access funds and lets employees use pre-tax* dollars. Plus, a HSA is your employee's account so they can use it next month, next year or 20 years from now as long as the account has funds.
- $200.00 minimum deposit to open HSA Interest Checking
- $100.00 minimum deposit to open HSA Regular Savings
- $20.00 set up fee
- $20.00 annual fee
- Funds rolls over year to year
- Free Telephone Banking
- FDIC insured up to $250,000
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.
- 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 $1,300.00 for individuals or $2,600.00 for families.
- Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $6,550 for individuals or $13,100.00 for families.
- Maximum contribution cannot exceed $3,500.00 for individuals and $7,000.00 for families.
- A person age 55 or older may make an additional $1,000.00 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.
*Consult your tax advisor.