Make sure you're covered.
- No fees
- Tax deductible contributions
- No minimum opening deposit*
- Tax-free distributions for qualifying medical expenses
- Roll over funds year-to-year; no "use it or lose it"
- Interest earned is tax-free
- Contributions can be made by direct deposit or payroll deduction
- Access funds by debit card or visit a branch
- Have coverage under an HSA-qualified high-deductible health plan (HDHP)
- Have no other first-dollar medical coverage (Other types of insurance such as specific injury insurance and accident, disability, dental care, vision care and long-term care insurance are permitted.)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
- Doctor’s office visits
- Vision expenses
- Dental expenses
- Long-term care insurance
Current Year Contribution Limits:
- $3,500 single coverage
- $7,000 family coverage
- Individuals age 55 and older are permitted to make an additional $1,000 “catch-up” contribution
The contribution limit in the first year is not reduced due to partial-year eligibility. A testing period to determine eligibility applies, beginning with the last month of the contribution year and ending on the last day of the twelfth month following. For more details regarding the testing period, consult your current health insurance provider. Contributions can be made until April 15 of the following year.
With the rising cost of health care, saving now through a HSA Checking may be the right move for you.