What is an HSA?
An HSA is a Tax-Advantaged account that you can use for qualified medical expenses. With an HSA, you get to specify how much pre-tax income you want to contribute up to a limit set by the IRS up to the age of 65. Any contributions made are yours for life, even if you change jobs, plans, or even retire.
Once the money is in your account, you have 24/7 access through a Debit Card and/or Checks tied to the HSA to make payments on qualified medical expenses, which are defined by the IRS. Money placed into an HSA rolls with you year after year helping you stay prepared for what ever life throws your way.
To set up an appointment to open your own HSA, please give your local office a call.
Individual HSA
- With our Individual HSA it helps you save for healthcare expenses. The account can be tied with a Free MasterCard Debit Card and/or Checks. The account can earn dividends based on average balance monthly. Limitations are as follows,
- Must have a health plan with a minimum $1,400 deductible.
- Minimum deposit at opening of $50.
- Limited to a total of the lesser of either plan deductible or $3,650 per year contribution into the account; if over the age of 55 an additional ‘catch-up’ contribution limit of $1,000 is applied to your overall total for the year.
Family HSA
- Our Family is not only for you, but for anyone on your plan as well. Opening an account has the same offers as the Individual with checks and a debit card but for each Authorized Signer on the plan. The account can earn dividends based on average balance monthly. The following Limitations apply,
- Must have a Family health plan with a deductible of at least $2,800.
- Minimum deposit at opening of $50
- Limited to a total of the lesser of either plan deductible or $7,300 per year contribution into the account; if over the age of 55 an additional ‘catch-up’ contribution limit of $1,000 is applied to your overall total for the year.
