Health Savings Account (HSA)

• Greater personal control over healthcare management and expenses
• Cover routine medical expenses until deductible is met
• Pays for major medical expenses once deductible is met
• Competitive interest rates on balances over $500
• An HSA provides triple tax savings:
  • Pre-tax contributions to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
• Contributions are tax-free and can be made by you, your employer, or a third party**
• Funds can be withdrawn at any time***
• Unused funds remain in account; no "use it or lose it" policy
• Keep your HSA in your name, regardless of career or life changes
• Free eStatements (paper statements available for $3.00)
• $50 minimum deposit to open

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility.

To be eligible:

• You must be covered by a high deductible health plan (HDHP) on the first day of a month to qualify for eligibility for that month.
• You must have a minimum deductible of $1,600 for individuals or $3,200 for families.
• Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $8,050 for individuals or $16,100 for families.
• Maximum contribution cannot exceed $4,150 for individuals and $8,300 for families.
• A person age 55 or older may make an additional $1,000 in "catch-up" contributions.
• You cannot be covered by any other health plan that is not an HDHP.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone else's tax return.

There are no eligibility restrictions regarding income level and there is no requirement of earned income to make contributions.