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Health Savings Account

A healthy way to save

Health Savings Accounts (HSAs) can help you manage your health care costs. If you have a high-deductible health plan (HDHP), you can set aside funds tax-free1 in an HSA to pay medical expenses. Unlike a flexible spending account, you do not lose money if you do not spend your contributions within the calendar year. Features include:

  • Low opening deposit of $100 + a low setup charge
  • No monthly service charge for balances greater than $0
  • No transaction charges
  • Debit card and check access2

To be eligible for an HSA, you need to meet the following criteria:

  • Are not enrolled in Medicare
  • Are not claimed as a dependent on another’s tax return
  • Do not have additional health coverage that isn’t a qualified high-deductible health plan (HDHP)
  • Are covered by an HSA-eligible, high-deductible health plan (HDHP)

Individuals and/or employers set aside funds in an HSA to pay for out-of-pocket medical expenses, including:

  • Doctor and dentist visits
  • Prescriptions
  • Transportation to receive medical care
  • Qualified long-term care premiums
  • Health premiums when you are unemployed or over age 65
  • Hearing aids, eyeglasses and LASIK

For a complete list, visit

The following information applies for the year 2016:

High-deductible plan requirements
  • Single coverage: $1,300 minimum annual deductible3, $6,550 maximum out-of-pocket expenses 4
  • Family coverage: $2,600 minimum annual deductible3, $13,100 maximum out-of-pocket expenses 4
Annual deductible contribution limits:
  • Single coverage: $3,350 ( $4,350 if age 55 or over 5 )
  • Family coverage: $6,750 ( $7,750 if age 55 or over 5 )
  • Balances under $1,000: 0.00% APY
  • Balances $1,000-$4,999.99: 0.03% APY
  • Balances $5,000-$9,999.99: 0.03% APY
  • Balances $10,000+: 0.03% APY

Contact us today for more information.

  • 1 Consult your tax advisor.
  • 2 First HSA checkbook sent free after account has been opened. Fees apply to subsequent check orders.
  • 3 Preventative care need not be subject to the minimum annual deductible.
  • 4 The limit for maximum out-of-pocket expenses includes deductibles, co-payments and other amounts, but not premiums.
  • 5 Available to clients who attain age 55 before the close of the taxable year.
  • 6 Fees may reduce earnings. Rates may change after opening. Annual Percentage Yields effective 10/17/2016 and are subject to change.

© 2016 Bremer Financial Corporation. All rights reserved.

Deposit products offered by Bremer Bank. Member FDIC.