Health Savings Account

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
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An “eligible individual” is defined as:

  1. 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).
  2. Someone who is not covered by any other health insurance except for some permitted coverages.
  3. Someone who is not eligible for and enrolled in Medicare.
  4. Someone who cannot be claimed as a dependent on someone else’s income tax return.

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