HSA

Be prepared for life’s unexpected emergencies.

An account designed to cover medical expenses incurred by you and your dependents.

Benefits ²⁹

$2,500 minimum balance to earn interest.
Contributions excluded from income
Tax-deferred earnings
Assets never taxed if used for qualified medical expenses
Unused assets may be used for retirement (subject to ordinary taxation)
Upon death, a spouse may treat the assets as his or her own HSA

Qualified Medical Expense Examples

Actual medical expenses (doctors, prescriptions, dental care)
Long-term care insurance
Healthcare coverage when unemployed
Certain continuation-of-benefit healthcare coverage
Insurance options after age 65

For coverage to begin, eligible individuals must be covered under a high deductible health plan (HDHP) on the first day of the month and should not be enrolled for Medicare benefits or covered by another health plan that is not an HDHP. HSA account holders should not be claimed as a dependent on another person’s tax return.

$1,000 minimum opening deposit is required.

Not all high-deductible plans are HSA-eligible. It is the account holder’s responsibility to check with his/her insurer to make sure their plan is eligible. Requirements for the deductible and out of pocket amounts are updated annually. Please visit the US Treasury’s HSA site for specific details.

Yes. Sole proprietors and the self-employed are often ideal candidates.

The total amount you or your employer may contribute to an HSA for any taxable year depends on whether you have individual or family coverage under a high deductible health plan. Contribution limits change each year. Please contact us to receive the current contribution limits.

Yes, an annual fee of $25.00 applies.