Be ready for whatever life throws your way.

Health Savings Accounts (HSA)

Plan for unexpected medical costs and receive the advantages of a tax-sheltered savings account!

What is a Health Savings Account?

An account designed to be used in conjunction with a high-deductible health plan (HDHP). HSA contributions are used to pay current and future medical expenses. Money in the account is 100% tax-deductible when it is used to pay for qualifying medical expenses. Money in the account never expires – it can be rolled over year to year with no penalty. Funds will accrue tax-free interest.

HSA Savings Account advantages:

• 100% Free!
• No set-up fee
• No maintenance or monthly fees
• No annual fees
• No transaction fees
• Deposits Insured up to $500,000  Learn More
• Easy set-up and access to your deposits
• Short and long-term investment options
• HSA Checking
• Share Certificate options

Current Year Contributions (2024):

Single Coverage: You may contribute up to $4,150 (individuals 55 and older can contribute “catch-up” contributions up to $1,000).

Family Coverage: You may contribute up to $8,300

*Extra 1,000 for individuals age 50 and older (catch up contribution).

2023 Contributions

Eligibility:

• Must be covered under a High-Deductible Health Plan (HDHP).
• Cannot be enrolled in Medicare.
• Must be covered under an HDHP on the first day of the month in which the first contribution is made.
• Dependent children cannot have their own HSAs.
• Individuals electing to participate in an HSA must be insured by an HDHP that has a $1,500 minimum deductible with annual out-of-pocket expenses not exceeding $7,500.
• Families electing to participate in an HSA must be insured by a family health plan with a minimum deductible of $3,000 and annual out-of-pocket expenses not exceeding $15,000.
• You should consult your tax adviser or insurance provider with additional questions or to determine your plan's eligibility.

Getting Started:

Not sure if an HSA is right for you? We’ll be glad to help you with all the details. For more information, or to open your tax-deductible HSA, call us today: 800-676-2541.