A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can’t duplicate.
Individual Health Savings Account
- $100 minimum to open
- Variable Interest Rate
- Earnings compounded and credited monthly
- Interest credited to account at close of statement cycle
- Statements issued monthly
- $25.00 Annual Account Charge
- FDIC insured
Family Health Savings Account
- $100 minimum to open
- Variable Interest Rate
- Earnings compounded and credited monthly
- Interest credited to account at close of statement cycle
- Statements issued monthly
- $25.00 Annual Account Charge
- FDIC insured
An “eligible individual” is defined as:
- Someone covered by a high deductible health plan (an annual deductible of $1,200 for single coverage and $2,400 for family coverage where the maximum out of pocket cannot exceed $6,050 for single coverage and $12,100 for family coverage).
- Someone who is not covered by any other health insurance except for some permitted coverages.
- Someone who is not eligible for and enrolled in Medicare.
- Someone who cannot be claimed as a dependent on someone else’s income tax return.