Our Health Savings Account (HSA) can help you build a cushion to pay for your medical care.
An HSA is a savings product that offers you a different way to pay for your health care. You own and control the money in your HSA, and you make the decisions on how to spend the money without relying on a third party or a health insurer. You'll need to meet the following requirements in order to be eligible for an HSA:
- A qualified high deductible health insurance plan (HDHP)
- No other major medical coverage
- Not enrolled in Medicare
- Not claimed as anyone's dependent
Qualified individuals receive tax-preferred treatment of funds saved to pay for current, future and retiree health expenses. Tax advantages include:
- Pre-tax and/or tax-deductible contributions
- Tax-free accrual of dividends
- HSA funds for qualified medical expenses are not taxed
Additional HSA Benefits:
- Protection - You can save money to pay high or unexpected medical bills.
- Convenience - The money you save in your HSA can be conveniently accessed using a check (debit) card or by check.
- Affordability - Higher health insurance policy deductibles mean lower premiums.
- Savings - Your ability to deduct your contributions and the tax deferral of earnings enable you to build your account.
- Flexibility - You may contribute at any time and your HSA balance rolls over from year to year.
- Portability - You own the account, so it goes where you go, regardless of job or insurance changes, or retirement.
2017 Annual Contribution Limits:
- Individuals = $3,400
- Families = $6,750
- Individuals 55 and over = $1,000 additional catch-up contribution
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