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Health Savings Account

A Health Savings Account is an account that can receive contributions on a tax favored basis on behalf of an eligible individual and allows tax free distributions used to pay for qualified medical expenses.

• $50 minimum to open account
• Interest paid on all balances greater than $1.00
• $7.50 per month fee if minimum balance falls below $1,500
• FREE HSA Visa Debit Card
• FREE Online Banking with Bill Pay
• eStatement with check images required

Interest Tiers

• $1 - $24,999
• $25,000 - $49,999
• $50,000 and greater

Save for medical expenses with an HSA

With this account, you can make tax deductible contributions and use the funds to pay for medical expenses for you, your spouse and your dependents. Covered medical expenses include prescriptions, doctor visits, dental and vision expenses.

HSA Benefits

With a Health Savings account, you can deposit funds into an interest bearing account, and deduct the contributions on your tax return. There is no deadline for when you have to spend the money. You can roll over the funds each year and use them when you need them.

Eligibility Requirements

To qualify for an HSA, you:

• Must be covered by a High Deductible Health Plan (HDHP)
• Cannot be claimed as a dependent on a federal tax return
• Cannot be enrolled in Medicare
• May not exceed these annual contribution limits:
  • Self: $3,050; for those 55 and older: $4,050
  • Family: $6,150; for those 55 and older: $7,150

If HSA funds are used for any purpose other than a qualified medical expense, those funds are taxable, and will be penalized an additional 10 percent. The HSA Visa Debit Card will not be approved for transactions in restaurants, bars, hotels, or gambling venues. The card also may not be used for cash withdrawals at the ATM.