Health Savings account
Pay your medical expenses with a Health Savings Account. If you have a health insurance plan with a high deductible you can save for current and future qualified medical expenses on a tax deferred basis through an HSA.
| HSA Offers |
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No minimum balance to open |
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Immediate access to your funds |
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Use of a Debit Card or check |
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No monthly or annual fees |
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Interest on your HSA will be calculated on a tiered basis |
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Free duplicate checks |
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On-line access to the images of your checks |
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Any withdrawals for qualified medical expenses are tax-free |
| Benefits |
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Contributions are tax deductible |
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Money invested carries over from year to year |
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If you change jobs your HSA goes with you |
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HSA earnings are tax deferred and are not taxed if used for qualified medical expenses |
| Eligibility |
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Must be covered under a qualified, high deductible health plan |
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Must not have coverage by another type of health plan |
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Cannot be claimed as a dependent on another person’s tax return |
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Cannot be enrolled in Medicare |
| Contribution Limit is Determined By: |
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Whether you have individual or family coverage |
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Statutory annual limit set by the Federal Government |
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If a person is age 55 or older, they are eligible to make “catch-up” contributions. |
| Distributions |
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Not taxable as long as used for qualified medical expenses |
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If not used for qualified medical expenses, distributions are taxable and if under the age of 65 are subject to a 10% penalty |
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Can be used for qualified medical expenses of self, spouse, or dependent child even if they are not covered under a HDH |
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