Health Savings Account (HSA)
Have greater control over your healthcare by contributing to a tax-advantaged HSA. When you and your family need medical care, you'll have the money ready to pay for it. Your interest earnings are tax free and your contributions are tax deductible. Best of all, there's no "use it or lose it rule." After all, it's your money.
- Earn competitive interest on entire balance
- Contributions are tax free or tax deductible*
- Interest grows tax free
- Withdrawals are tax free when used for qualified medical expenses**
- Money rolls over year-to-year automatically
- HSA is owned by you, not employer
- Easy withdrawal access by check, debit card, online, teller
- Only $25 minimum balance to waive $4 monthly service charge
- FDIC insured
*Direct deposit contributions are tax free. If contributions are made after income was taxed, the amount deposited is tax deductible.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 20% penalty. The 20% penalty is waived for persons 65 and over or who have become disabled.
- Eligibility & Limits
- Must be covered under a qualified, high deductible health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare
Contribution limits are set by the IRS. Current 2014 contribution limits are:
- $3,300 for a single person
- $6,550 for a family
- A person age 55 or older may make an additional $1,000 in "catch-up" contributions
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