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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 conjunction 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 qualified medical expenses for your dependents, too!

Calculate Your Earnings

Summary
  • Save for approved medical expenses for you and your family
  • Funds only available for qualified medical expenses
  • Earn competitive tax-free interest
  • Contributions are tax deductible (consult your tax advisor)
  • 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 card
  • 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
  • Early closure fees may apply*

* All new accounts are subject to a $10 fee if the account is closed within 180 days of opening the account.

Limits

2017 HDHP Limits:

  • Minimum annual deductible $1,300 (individual) and $$2,600 (family)
  • Maximum annual deductible plus out-of-pocket expenses $6,550 (individual) and $13,100 (family)
  • 2017 HSA Contribution Limits: (2017 contributions can be made until April 17, 2018):
  • $3,400 (individual) $4,400 if age 55 or older*
  • $6,750 (family) $7,750 if age 55 or older*

*Catch up contributions up to $1,000 allowed if age 55 by the end of the year

2016 HDHP Limits:

  • Minimum annual deductible $1,300 (individual) and $2,600(family)
  • Maximum annual deductible plus out-of-pocket expenses $6,550 (individual) and $13,100 (family)
  • 2016 HSA Contribution Limits: (2016 contributions can be made until April 17, 2017):
  • $3,350 (individual) $4,350 if age 55 or older*
  • $6,750 (family) $7,750 if age 55 or older*

*Catch up contributions up to $1,000 allowed if age 55 by the end of the year