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Health Savings Account (HSA)

Health Savings Account (HSA)

Prepare for the rising costs of health care with a Health Savings Account (HSA) — giving you tax-advantaged savings for qualified medical expenses. Open an HSA in conjuction with a high-deductible health plan so you can feel good about your next trip to the doctor.

The money in your HSA isn't tied to any employer. It's yours to spend when you need it. You can use HSA funds to cover medical expenses for your dependents, too!

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Summary
  • Save for approved medical expenses for you and your family
  • Funds only available for qualified medical expenses
  • Earn competitive tax-free dividends
  • Contributions are tax deductible
  • No monthly service charge if you maintain a daily balance of $3,000 or more
  • $3 monthly fee on balances below $3,000
  • Free online branch services
  • Pay expenses easily by debit card or checks
  • Free Synergy Visa® debit cards
  • No charge for first 25 checks
  • $100 minimum deposit to open
  • One-time setup fee of only $10 (Waived on company group enrollments)
  • No "use it or lose it" policy; funds automatically roll over year-to-year
  • Must have a high deductible health plan (HDHP) to be eligible
  • Contribution limits and parameters set by IRS
Limits

2014 HDHP Limits:

  • Minimum annual deductible $1,250 (individual) and $2,500 (family)
  • Maximum annual deductible plus out-of-pocket expenses $6,350 (individual) and $12,700 (family)
  • 2014 HSA Contribution Limits: (2014 contributions can be made until April 15, 2015):
  • $3,300 (individual) $4,300 if age 55 or older*
  • $6,550 (family) $7,550 if age 55 or older*
  • *Catch up contributions up to $1,000 allowed if age 55 before close of taxable year

2013 HDHP Limits:

  • Minimum annual deductible $1,250 (individual) and $2,500 (family)
  • Maximum annual deductible plus out-of-pocket expenses $6,250 (individual) and $12,500 (family)

2013 HSA Contribution Limits: (2013 contributions can be made until April 15, 2014):

  • $3,250 (individual) $4,250 if age 55 or older*
  • $6,450 (family) $7,450 if age 55 or older*

*Catch up contributions up to $1,000 allowed if age 55 before close of taxable year.