Health Savings Account
When it comes to health care, nobody likes surprises. With an HSA, you'll be better prepared for the unexpected because every dollar you put in is tax-free1 and rolls over year-to-year — giving you more control over medical expenses.
Manage Increasing 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 don't lose money if you don't spend your contributions within the calendar year. Features include:
- Low opening deposit of $100 + a low setup charge
- No monthly service fee for balances greater than $0
- No transaction charges
- HSA Debit Card offers convenient payment method
- Unlimited check writing
To be eligible for an HSA, you need to meet the following criteria:
- Not enrolled in Medicare
- Not claimed as a dependent on another’s tax return
- Don't have additional health coverage that isn’t a qualified HDHP
- Are covered by an HSA-eligible HDHP
Qualified Medical Expenses
Individuals and/or employers set aside funds in an HSA to pay for out-of-pocket medical expenses, including:
- Doctor and dentist visits
- 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 www.irs.gov.
HSA Plan Requirements and Limits
The following information applies for the year 2019:
Balance-based interest rates
Your interest rate will be determined by your balance. Interest Rates and Annual Percentage Yields are accurate as of [12/3/2018]. Rates may change without notice. Fees may reduce earnings and interest rate may change after account is opened.
- 1 Consult your tax advisor.
- 2 Preventative care need not be subject to the minimum annual deductible.
- 3 The limit for maximum out-of-pocket expenses includes deductibles, co-payments and other amounts, but not premiums.
- 4 Available to clients who attain age 55 before the close of the taxable year.
- See Account Disclosures for additional details.